October 6, 2022

The final date to file your revenue–tax return for revenue earned within the monetary 12 months 2021-22 (evaluation 12 months 2022-23) has handed. However you may nonetheless file your tax return in some instances.

For example, you probably have already filed your revenue tax return, however found any mistake or missed reporting any revenue, you may file a revised return.

You probably have not but filed an revenue tax return for FY 2021-22, you may file a belated return.

If you wish to replace your older return you are able to do that too. However there are penalties and limitations related to it, so let’s learn extra.

Additionally learn: All you must find out about submitting revenue tax returns

Revised return

You probably have already filed your return, however later realised that you simply made an error, omission or any mistaken assertion, it is best to revise the return by submitting a revised return inside the prescribed time restrict.

“This return may be filed three months earlier than the tip of the related evaluation 12 months or earlier than the completion of the evaluation, whichever is earlier,” mentioned Deepak Jain, chief govt, TaxManager.in, a tax e-Submitting and compliance administration portal. Which means for the AY 2022-23 you may file revised returns by December 31, 2022.

There is no limit on the number of times you can revise a return, but remember if the original return has been filed in paper format or manually, then technically it cannot be revised by online mode or electronically. There isn’t a restrict on the variety of occasions you may revise a return, however bear in mind if the unique return has been filed in paper format or manually, then technically it can’t be revised by on-line mode or electronically.

If want be, you may also change the ITR type whereas revising the tax return. “No penalty may be levied by the division for revising bonafide errors. Curiosity below sections 234B and 234C will probably be recalculated below each revised return. Earlier than submitting the revised return, a taxpayer should make sure that the unique return has been verified,” mentioned Yeeshu Sehgal, Head of Tax Markets, AKM International, a tax and consulting agency.

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There isn’t a restrict on the variety of occasions you may revise returns, however do not forget that if the unique return had been filed in paper format or manually, then technically it can’t be revised on-line or electronically. ​​​

Additionally pay attention: Why you could file your tax returns earlier than July 31

Belated return

A legitimate return filed inside the due dates is named an authentic return below part 139(1) of the Revenue-tax Act, 1961. For AY 2022-23 the due date to file your return was July 31, 2022.

“An assessee who doesn’t file his return inside the timelines prescribed within the Act however information the return after the due date is known as a belated return below part 139(4) of the Act,” mentioned Sehgal.

A belated return may be filed until three months earlier than the tip of the related evaluation 12 months. So, any return filed after July 31, 2022 however earlier than December 31, 2022 for AY 2022-23 will probably be thought-about a belated return.

To file a belated return it’s possible you’ll have to pay a penalty. As per part 234F, late submitting charges of Rs 5,000 have to be paid if a return is furnished after the due date. Nevertheless, the quantity of late submitting charges to be paid shall be Rs1,000 if the overall revenue of the individual doesn’t exceed Rs 5 lakh.

There will probably be no late submitting price, even after the due date, in case you might be submitting a return voluntarily and never required to file an ITR mandatorily. For example; in case your revenue is under the fundamental exemption restrict i.e. Rs 2.5 lakh for people under the age of 60 years, Rs 3 lakh for individuals between the age of 60 years and 80 years and Rs 5 lakh for these above 80 years, you aren’t mandatorily required to file an ITR.

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In such instances, in the event you nonetheless file a return, even after the due date, you needn’t to pay any penalty.

Additionally learn: Tax-payers now have 30 days to confirm their returns

Up to date return

The Finance Act 2022, has inserted subsection (8A) in part 139 to allow the submitting of an up to date return.

The part offers that an up to date return may be filed by any individual regardless of the actual fact whether or not such an individual has already filed the unique, belated or revised return for the related evaluation 12 months or not (topic to sure circumstances).

For the aim of submitting up to date returns, “The federal government has launched a brand new revenue tax return-filing facility often called ‘Up to date Return’ for the taxpayers who need to file the identical for FY 2019-20,” mentioned Sehgal.

To file a belated return you may need to pay a penalty. As per section 234F, late filing fees of Rs 5,000 need to be paid if a return is furnished after the due date. However, the amount of late filing fees to be paid shall be Rs1,000 if the total income of the person does not exceed Rs 5 lakh. To file a belated return it’s possible you’ll have to pay a penalty. As per part 234F, late submitting charges of Rs 5,000 have to be paid if a return is furnished after the due date. Nevertheless, the quantity of late submitting charges to be paid shall be Rs1,000 if the overall revenue of the individual doesn’t exceed Rs 5 lakh.

Nevertheless, to file an up to date return, it’s possible you’ll have to pay a hefty penalty. “You’ll want to pay the due tax and curiosity together with a further 50 p.c quantity of such tax and curiosity. For these trying to file for FY 2020-21, the extra quantity will probably be 25 p.c of the due tax and curiosity,” mentioned Sehgal.

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Additionally, do not forget that an up to date return just isn’t allowed to be filed whether it is meant to indicate a decrease revenue or a loss, which you’d prefer to set off in opposition to any positive factors you might have made up to now, Sehgal explains.

There’s a separate ITR type—ITR Type U—for submitting an up to date revenue tax return.

You even have to say the rationale behind submitting an up to date return. Whether or not you hadn’t filed an income-tax return earlier than, in the event you want to report an revenue that was not reported appropriately earlier, in the event you selected mistaken heads of revenue within the authentic return that you simply had filed earlier, whether or not you’d like to scale back carried-forward losses or unabsorbed depreciation, otherwise you wish to cut back the tax credit score, or filed the return based mostly on a mistaken tax fee, or any others.