When discussing personal finance, one topic we can’t overlook is income tax filing—an annual ritual where we step into the realm of financial responsibility, submitting what’s commonly known as ITR (Income Tax Returns). Generally, the deadline for filing an ITR is July 31st, and it remains the same for Financial Year 2023-2023 . However, this scenario repeats every year; someone has either missed filing an ITR or has done so incorrectly. If you find yourself in this situation, this is your last chance to file or make revisions.

Now, either you have filed an ITR with inaccuracies or happened to miss the July 31, 2023, deadline to file your income tax return (ITR) for the 2022-23 financial year (assessment year 2023-24). You have two options:

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1. Revise ITR
2. File a Belated ITR
Just remember, the deadline for this fallback plan is December 31, 2023.

What is Revised ITR?

A Revised ITR refers to the process of correcting any mistakes or omissions in the original tax return filed. It’s applicable when you have already filed your ITR within the due date but later discover inaccuracies or missing information.
Suppose you filed your Income Tax Return (ITR) for the assessment year 2023-24 within the due date of July 31, 2023. However, after submission, you realize that you inadvertently omitted to include some crucial income details. In such a scenario, you can opt for a Revised ITR. This allows you to correct the oversight and provide the accurate information that was initially omitted.

By filing a Revised ITR, you ensure that your tax return reflects the correct and complete financial information for that assessment year. It’s a beneficial option for individuals who discover errors or omissions in their original filing and want to rectify them in a timely manner.

What is Belated ITR?

A Belated ITR, or Belated Income Tax Return, is a filing submitted after the original due date for filing income tax returns has passed. This option is available for individuals who missed the initial deadline for filing their tax returns, offering them a grace period to fulfill this essential financial responsibility.
For instance, if the original due date for filing Income Tax Returns (ITR) for the assessment year 2023-24 was July 31, 2023, and an individual failed to meet this deadline, they can still submit their tax return under the Belated ITR provision. However, it’s important to note that there might be penalties for late filing fees associated with filing a Belated ITR. Despite the additional cost, it provides individuals with an opportunity to meet their tax obligations even after the initial due date has passed.

But This Fallback Plan Comes with Penalties and Also Drawbacks

Revised ITR, when filed within the stipulated time frame, does not incur a penalty. However, if the revision results in additional tax payable, interest under Section 234A of the Income Tax Act may be levied on the extra tax amount. This interest accrues from the original due date of filing to the date of filing the revised return.

While for belated returns, the penalty ranges from INR 1000-5000 . 

Here is a breakdown of the late fee that will be charged under Section 234F when filing a belated return:

How to go about filing these Returns?

• Log In to the Income Tax e-Filing Portal:

1. 1. 1. Access the portal using your PAN as the user ID.

• Choose the Appropriate Form:

1. 1. 1. Select the correct ITR form based on your income sources. (There are seven ITR forms for individuals, namely, ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6 & ITR 7)
      2. Opt for the ‘Revised Return’ option under the ‘Filing Type’ section for a revised return.
      3. Mention the acknowledgment number of the original return.

• Fill in the Details:

1. 1. 1. Carefully input all the required information.
      2. For a revised return, rectify errors or omissions from the original return.
      3. For a belated return, ensure accuracy in all details to avoid the need for further revisions.

• Verify the Return:

1. 1. After filing, verify your return electronically via Aadhaar OTP, EVC through your bank account, or by dispatching a signed ITR-V to the CPC in Bengaluru.

Tips for Accurate and Efficient Filing

To ensure a smooth filing process, keep these tips in mind:

• Double-Check All Information: Errors can lead to unnecessary complications. Verify all entered data before submission.
• Keep Documents Handy: Have all your financial documents, like Form 16, bank statements, and investment proofs, ready for reference.
• Utilize Tax Saving Options: Ensure you’ve availed all eligible deductions under sections like 80C, 80D, etc., to reduce your tax liability.
• Seek Professional Help if Needed: If the process seems overwhelming, don’t hesitate to consult a tax expert.

How Our Advisory Can Help

It’s crucial to understand the specifics of Revised and Belated ITR filing for financial diligence and compliance. The deadline is 31st December 2023 for the financial year 2022-23, serving as a key checkpoint to fix any mistakes in your original returns or meet tax obligations if you missed the first deadline.

1 Finance is offering free help for filing belated or revised Income Tax Returns (ITR) for the financial year 2022-23. Our experienced tax team is ready to guide you through each step, providing personal assistance to understand your tax duties and make smart decisions for the best tax benefits.

This service is free for our members with only salary, rental, other income sources, and some capital gains. If you have stock trading and business income, a small fee may apply.

At 1 Finance, we’re committed to helping you navigate these financial responsibilities easily. Whether ensuring the accuracy of your revised return or guiding you through a belated filing, our team is here for personalized support. Reach out for advice and assistance to stay on track in your financial journey.