Belated ITR filing for AY 2022-23: Last Date, Penalty and other details you should know

The due date of Income Tax Return filing for Assessment Year 2022-23 ended yesterday. 

More than 5.8 crore returns were filed till July 31, which was the last date of ITR filing for salaried employees, individuals and HUFs whose accounts don’t need to be audited.  

Taxpayers, who missed filing their ITRs by 31 July, can now file belated returns. 

The last date to file the belated ITR for AY 2022-23 is 31 December 2022. 

According to the Income Tax rules, the penalty for belated ITR filing could be up to Rs 5,000. 

However, for taxpayers whose total income is not more than Rs 5 lakh in a financial year, the maximum penalty for the delay is Rs 1000. 

Also, you need to pay interest at 1% per month or part thereof on the outstanding tax liability 

Lastly, late filing of ITR will result in late processing and your refund, if any, will get further delayed 

According to the latest data on Income Tax Department’s website, more than 4 crore returns have been verified by tax filers.  

Over 3 crores of verified ITRs have been processed by the Department till 31 July.