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Belated ITR Filing: Still not able to file your Income Tax Return? So know now what is the best way to file ITR

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Belated ITR Filing: Still not able to file your Income Tax Return? So know now what is the best way to file ITR

Belated ITR Filing: Still not able to file your Income Tax Return? So know now what is the best way to file ITR

Belated ITR Filing: The last date to file Income Tax Return (ITR) for the financial year 2020-21 was 31 December 2021. There are many people who have not been able to file their ITR within this time limit. If you have not filed your ITR yet, then there is no need to panic. You can still file your ITR. ITR filed after the due date is called “Bilted ITR”. However, there is a penalty for late filing of return. The last date to file belated ITR for the financial year 2020-21 is 31 March 2022.

How to file belated ITR?

The process of filing belated return is also similar to filing regular income tax return. In this, all you have to do is select the ITR form that is applicable for you. You can fill the form in the same way as you did while filing the return on time. You have to select the assessment year for which you are filing the belated return.

Although, you should file your ITR before the expiry of the deadline, but if somehow you miss the deadline, you can still file your ITR by paying a penalty.

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how much will be the penalty

ITR file can be done both online and offline. Late filing of ITR can attract a penalty of up to Rs 5,000. Earlier there was a penalty of up to Rs 10,000 for late filing of ITR, but now the penalty has been halved. Also, if your taxable income is less than Rs 5 lakh, you will have to pay a penalty of Rs 1,000. If your income is less than the taxable income limit and you have missed the deadline for filing ITR, then you do not even need to pay the penalty. However, there are some exceptions to this.

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Can fill Revised ITR

If you have filed your return by the last date and you have now come to know about your mistake, then in this case you can file Revised ITR. The last date for filing Revised ITR for assessment year 2021-22 is also 31 March 2022. Along with this, you can also file a revised return for the default in the belated ITR. However, the deadline for filing both billed and revised tax returns for the financial year 2020-21 is March 31, 2021, so the revised returns will not be filed for last-minute belated returns.

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