The Income Tax Department has issued a warning to taxpayers who missed the July 31 deadline to file their Income Tax Return (ITR) for the financial year 2022-23. Through a post on social media platform X, the department emphasized that these taxpayers must file the belated/revised ITR by December 31, 2023, marking it as the “last chance” for the financial year. The department clarified the distinction between revised and belated ITRs.
The post on X read, “Kind Attention Taxpayers, 31st December 2023 is your last chance to file a belated/revised ITR for AY 2023-2024. Hurry! File your ITR before the due date.”
Kind Attention Taxpayers,
31st December, 2023 is your last chance to file a belated/revised ITR for AY 2023-2024.
Hurry! File your ITR before the due date.
Pl visit https://t.co/uv6KQUbXGv#FileNow pic.twitter.com/S6HRuxYGBg
— Income Tax India (@IncomeTaxIndia) December 28, 2023
Additionally, the department provided a link to its website, offering comprehensive information on filing ITRs.
The Income Tax Department introduced mandatory filing of the return of income for every individual from the assessment year 2020-21. It outlined three main conditions for individuals obligated to pay income tax: those depositing ₹1 crore or more in one or more current accounts, incurring aggregate expenditure exceeding ₹2 lakh for foreign travel, and having an aggregate expenditure surpassing ₹1 lakh for electricity bills.
The department emphasized that failure to file the income tax return within the stipulated time permits the filing of a belated return under Section 139(4) of the Income Tax Act. For belated ITRs, individuals are required to use the forms specified for a particular assessment year.
Non-filing of even the belated ITR may result in adverse consequences, including the inability to carry forward losses (excluding income from house property), levy of interest under Section 234A, imposition of fees under Section 234F, and the loss of entitlement to exemptions under Sections 10A and 10B. Additionally, deductions under Part-C of Chapter VI-A will not be available. Section 234F mandates a penalty of ₹5,000 (or ₹1,000 for small taxpayers), and a 1% per month penal interest under Section 234A applies to pending income tax payments. Verifying the filed ITR within 30 days is crucial, as any unverified ITR will be considered as not filed by the Income Tax Department.
