Missed ITR Deadline Or Filed Unsuccessfully? Here Is What You Can Do

If you missed your ITR deadline on July 31, 2023, or the process failed due to incomplete paperwork or portal failure, you can still file a belated one and avoid legal action

Outlook Money
August 2, 2023
Missed ITR Deadline Or Filed Unsuccessfully? Here Is What You Can Do

Senior citizens who could not file income tax returns (ITR) by the deadline of July 31, 2023, need not worry, as they can still file a belated one by paying a penalty. The IT department allows taxpayers to file their ITRs after the expiry of the deadline, considering that many of them may have missed the date due to various unforeseen circumstances. For instance, bad health or lack of timely professional help could impede filing ITR.


According to government data, more than 6.5 crore ITR returns were filed within the July 31 deadline, including many incomplete filings. So those who were left out need not worry as they can do so by filing it now by paying a penalty. The deadline for filing the belated ITR is December 31, 2023. If you miss this, the income tax department may take legal action.

So here’s what you can do.

Pick The Right Form And Pay Penalty

Taxpayers must choose the correct form while filing a belated ITR. They must select section 139(4) instead of section 139(1) to file returns for AY2023-2024. Those whose annual income is less than Rs 5 lakh will have to pay Rs 1,000, and those above will pay Rs 5,000. They may also have to pay an additional 1 per cent monthly interest rate on the taxes due under Section 234A of the Income-tax Act, 1961.

Why Filing ITR Is Important

You can avoid legal actions and unnecessary headaches by filing the belated ITR. If you do not file the ITR, it will be considered non-compliance, which will attract legal proceedings.

Moreover, you can carry forward the “Losses from house property” even if you file a belated one, but you cannot take forward the business and capital losses to the next financial year.

Additionally, filing income tax returns accurately is critical, as any inaccuracy or underreporting can attract penalties of up to 200 per cent of the tax on misreported income. The interest on the tax amount due also starts after the last filing date.

Wilful failure to file returns could lead to imprisonment of three months to two years and a fine, and if the tax amount due is substantial, the jail time could be up to seven years.

ITR filing is crucial for loan and visa applications and other important official tasks. Filing returns on time is also vital to get refunds on the excess tax paid. Therefore, one should file the belated return quickly to avoid further penalties and stay compliant with tax rules.

Senior citizens should seek help from family members or a professional if they have taxable income and are unable to file ITR by themselves. This will go a long way in ensuring hassle-free retirement days.

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