Income Tax Return: Last date for filing ITR is very close for these people; Check Details

The year 2022 will come to an end on December 31, 2022. The deadline to File belated Income Tax Return (ITR) is also December 31. Similarly, the deadline for filing the Revised Income Tax Return has been set for December, 31.

The benefit of Revised ITR (ITR Benefits) is no longer available after January 1, 2023.

According to the income tax rules, if someone misses the deadline for filing an income tax return, he can file a belated ITR if there is a delay. This means that if someone does not file an ITR by July 31, 2022, he will have to file a late ITR, the deadline for which is December 31.

Revised ITR must be submitted by December 31

Similarly, if someone makes a mistake while filing an ITR, he can correct the error by filing a revised ITR. The due date for both of these ITR types for the financial year 2021–2022 is December 31, 2022.

Delayed ITR Filing Process?

Section 139(4) of the Income Tax Act of 1961 requires the filing of a delayed ITR. However, the procedure for filing a late ITR is the same as that for filing an income tax return. When filing a late ITR, keep the following points in mind at all times. The penalty amount, interest rate, and outstanding tax should be known after selecting the form in the tax return. Late ITR filers may be fined up to Rs 5000.

Revised ITR Filing

The Revised ITR is filed in accordance with section 139(5) of the Income Tax Act. The filing procedure is identical to that of the original ITR. When any individual taxpayer files Revised ITR, he should keep in mind whether section 139(5) has been selected or not and also preserve the original ITR number, as it is required while filing Revised ITR.