Missed the ITR deadline of July 31, 2023 and have a net taxable income above Rs 5 lakh for FY 2022-23 (AY 2023-24)? Pay Rs 5,000 as penalty and file a belated ITR under section 139 (4) of the Income Tax Act, 1961. Read below how to pay up the penalty while filing a belated ITR.
If an individual has missed the deadline of July 31, 2023 to file their income tax return (ITR) for FY 2022-23, then he/she may still file a belated ITR by paying a penal fee. However if an individual s income is below the basic exemption limit then there is no penal fee for filing belated ITR.
ITR filing 2023: Three days are left to file the income tax return (ITR) for the financial year of 2022-23. Taxpayers may face various problems in getting things right. To ease and speed up the whole process, taxpayers can take help of co-browsing feature. Watch Business Today’s Visual Story to know more details on the Co-browsing feature.