Home Income Tax Belated Income Tax Return Filing for AY 2022–2023
Belated Income Tax Return Filing for AY 2022–2023

Belated Income Tax Return Filing for AY 2022–2023

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Belated Income Tax Return Filing for AY 2022–2023

The time for filing a revised or belated income tax return (ITR) will conclude on December 31, now that 2022 is coming to an end and 2023 will begin in roughly a week. You can therefore fix the situation by filing a late or revised ITR by December 31, 2022, if you were unable to file your income tax return by July 1, 2022, or if you already filed the ITR but made a mistake.

The assessment year 2022–2023’s original deadline for filing income tax returns was July 31; this year, the deadline was not extended. On the original final day for submitting ITRs, July 31, a record 72.42 lakh forms were submitted, bringing the total to 5.83 crore, which is about the same as last year. ITR filing started out slowly, but as the deadline drew near, it increased up.

Belated income tax return

If you miss initial deadline, you may still file a belated ITR under Section 139(4) of the Income Tax Act of 1961. Taxpayers with a total income of at least Rs 5 lakh must pay a penalty of Rs 5,000 under Section 234F if they file a belated ITR after July 31. The fee is Rs 1,000 for taxpayers with total incomes under Rs 5 lakh, while there is no penalty for those who are exempt from income tax.

In the ITR form, filers must choose Section 139(4) in order to submit the overdue ITR. The belated ITR must be submitted by December 31. If this deadline is missed, unless the income tax department sends a notice, the person will not be allowed to file the ITR.

Revised income tax return

You have until December 31 to file a revised ITR if you submitted the original ITR by the due date of July 31 but made a mistake. The Income Tax Act’s Section 139(5) contains the relevant provision. A revised ITR must be submitted using the same procedure as an original ITR. The statistics included in the original ITR will also be required in the procedure; therefore, you must select Section 139(5) on the ITR form and have the original ITR on hand.

In accordance with the statutory deadlines, the updated return may be filed more than once, according to Sumit Mangal, partner at Luthra and Luthra Law Offices India. However, if a return is updated more than once, it may be chosen for a thorough analysis to determine the causes of the repeated changes. Nothing specific needs to be taken into account while filing the updated return.

He continued by saying that it is important to make sure the amended return contains accurate data and information because it will replace the original return, and repeated revised returns may lead to a thorough examination of the situation. The updated return should also include the disclosures made in the tax audit report, according to the statement.

“Even those who file tardy ITRs (returns that are filed after the due date) are allowed to file a revised return,” said Maneet Pal Singh, partner at I.P. Pasricha & Co. Previously, only taxpayers who had submitted an ITR prior to the deadline’s expiration were permitted to alter their returns.

“The procedure for filing an original ITR and an updated ITR is the same.” You must, however, file an amended ITR in accordance with Section 139(5) of the Income Tax Act. The option “Revised u/s 139(5)” must be chosen in the “return filed under” column. The ITR form will also ask you for information about the previous ITR, such as the receipt number and the date of the original ITR’s filing, he said.

The government extended the due date for filing business ITRs for the assessment year 2022–2023 from the original deadline of October 31 to November 7 in October. The Central Board of Direct Taxes (CBDT) had already extended the deadline for submitting audit reports.

Returns and forms applicable for salaried individuals for AY 2022–2023

1. ITR-1 (SAHAJ)—Applicable for individual

This return is applicable to residents (other than those who are not habitually residents) with total income up to Rs. 50 lakh from salary/pension, one residential property, other sources (interest, dividend, family pension, etc.), and up to Rs. 5,000 from agriculture.

The following individuals are not permitted to use ITR-1:

(a) Directors of companies;

(b) Holders of unlisted equity shares at any time during the prior year;

(c) Owners of assets (including financial interests in entities) situated outside of India;

(d) is a signatory on any account outside of India;

(e) receives money from sources outside of India;

(f) is a person whose tax has been withheld under Section 194N;

(g) Who has any brought-forward loss or loss to be carried forward under any head of income; and

(h) whose case payment or deduction of tax has been suspended on ESOP.

2. ITR-2—Applicable for individual and Hindu undivided family

The following individuals are not permitted to use ITR-2:

(a) Directors of companies;

(b) Holders of unlisted equity shares at any time during the prior year;

(c) Owners of assets (including financial interests in entities) situated outside of India;

(d) is a signatory on any account outside of India;

(e) receives money from sources outside of India;

(f) Who has any brought-forward loss or loss to be carried forward under any head of income; and

(g) Whose case payment or deduction of tax has been suspended on ESOP.

3. ITR-3 (SUGAM)—Applicable for Individual, Hindu undivided family, and firm (other than limited liability partnership)

In addition to income from a business or profession that is calculated on a presumptive basis (under Sections 44AD, 44ADA, and 44AE), and income from any of the following sources (salary/pension, one house property, other sources (interest, family pension, dividend, etc.), a HUF that is a resident other than one who is not ordinarily resident, or a firm [other than an limited liability partnership (LLP)].

The following individuals are not permitted to use ITR-3:

(a) Directors of companies;

(b) Holders of unlisted equity shares at any time during the prior year;

(c) Owners of assets (including financial interests in entities) situated outside of India;

(d) is a signatory on any account outside of India;

(e) receives money from sources outside of India;

(f) Who has any brought forward loss or loss to be carried forward under any head of income; and

(g) Whose case payment or deduction of tax has been suspended on ESOP.

Please be aware that ITR-3 (Sugam) is optional. If an assessee is qualified to declare profits and gains from a business or profession on a presumptive basis under sections 44AD, 44ADA, or 44AE, he/she may use this streamlined return form at his/her discretion.

Forms applicable

  1. Form 12BB—Particulars of claims by an employee for deduction of tax (u/s 192)
Provided by Details provided in the form
An employee to his employer(s) Evidence or particulars of HRA, LTC, deduction of interest on home loan, tax-saving claims/Deductions on eligible payments or investments for the purpose of calculating tax to be deducted at source (TDS)
  1. Form 16—Certificate of Tax Deducted at Source on Salary (U/s 203 of the Income Tax Act, 1961)
Provided by Details provided in the form
An employee to his employer(s) at the end of the financial year Income of the such person, deductions/exemptions and tax deducted at source for the purpose of computing tax payable/refundable
  1. Form 16A—Certificate u/s 203 of the Income Tax Act, 1961 for TDS on income other than salary
Provided by Details provided in the form
Deductor to deductee Form 16A is a tax deducted at source (TDS) certificate issued quarterly that captures the amount of TDS, nature of payments and the TDS payments deposited with the income tax department

 

 

  1. Form 67—Statement of Income from a country or specified territory outside India and Foreign Tax Credit

 

Submitted by Details provided in the form
Taxpayer, to be furnished on or before the due date specified for furnishing the ITRs u/s 139(1) Income from a country or specified territory outside India and foreign tax credit claimed

 

  1. Form 26AS—Annual Information Statement
Provided by Details provided in the form
Income tax department (It is available in TRACES portal that may be accessible after logging on to income tax e-Filing portal or Internet banking) ·         Tax deducted/collected at source

·         Advance tax/self-assessment tax paid

·         Specified financial transactions

·         Demand/refund pending/completed proceedings

 

  1. Form 15G—Declaration by resident taxpayer (not being a company or firm) claiming certain receipts without deduction of tax
Submitted by Details provided in the form
A resident individual less than 60 years or HUF or any other person (other than company/firm) to bank for not deducting TDS on interest income if the income is below basic exemption limit Estimated income for the FY

 

7.      Form 15H—Declaration to be made by a resident individual (who is 60 years age or more)

claimingcertain receipts without deduction of tax

Submitted by Details provided in the form
A resident individual, 60 years or more to bank for not deducting TDS on interest income Estimated income for the FY

 

8.      Form 10E—Form for furnishing particulars of income for claiming relief u/s 89(1) when salary

is paid in arrears or advance

Provided by Details provided in the form
An employee to the income tax department
  • Arrears/advance salary
  • Gratuity
  • Compensation on

termination

·         Commutation of pension

 

·

Tax slabs for AY 2022–2023

According to Section 115 BAC of the Income Tax Act, individuals and HUFs may choose either the current tax regime or the new tax regime with a lower rate of taxation.

Certain exemptions and deductions (such 80C, 80D, 80TTB, and HRA) available under the existing tax regime will not be available to the taxpayer choosing concessional rates under the new tax regime.

For Individual (resident or non-resident) less than 60 years of age anytime during theprevious year:

Existing tax regime New tax regime u/s 115BAC
Income tax slab Income tax rate Income tax slab Income tax rate
Up to ₹ 2,50,000 Nil Up to ₹ 2,50,000 Nil
₹ 2,50,001–₹ 5,00,000 5% above ₹ 2,50,000 ₹ 2,50,001–₹ 5,00,000 5% above ₹ 2,50,000
₹ 5,00,001–₹ 10,00,000 ₹ 12,500 + 20% above ₹ 5,00,000 ₹ 5,00,001–₹ 7,50,000 ₹ 12,500 + 10% above ₹ 5,00,000
Above ₹ 10,00,000 ₹ 1,12,500 + 30% above ₹ 10,00,000 ₹ 7,50,001–₹ 10,00,000 ₹ 37,500 + 15% above ₹ 7,50,000
₹ 10,00,001–₹ 12,50,000 ₹ 75,000 + 20% above ₹ 10,00,000
₹ 12,50,001–₹ 15,00,000 ₹ 1,25,000 + 25% above ₹ 12,50,000
Above ₹ 15,00,000 ₹ 1,87,500 + 30

above ₹ 15,00,000

 

For individual (resident or non-resident), 60 years or more but less than 80 years

of age anytime during the previous year:

Existing tax regime New tax regime u/s 115BAC
Income tax slab Income tax rate Income tax slab Income tax rate
Up to ₹ 3,00,000 Nil Up to ₹ 2,50,000 Nil
₹ 3,00,001–₹ 5,00,000 5% above ₹ 3,00,000 ₹ 2,50,001–₹ 5,00,000 5% above ₹ 2,50,000
₹ 5,00,001–₹ 10,00,000 ₹ 10,000 + 20% above ₹ 5,00,000 ₹ 5,00,001–₹ 7,50,000 ₹ 12,500 + 10% above ₹ 5,00,000
Above ₹ 10,00,000 ₹ 1,10,000 + 30% above ₹ 10,00,000 ₹ 7,50,001–₹ 10,00,000 ₹ 37,500 + 15% above ₹ 7,50,000
₹ 10,00,001–₹ 12,50,000 ₹ 75,000 + 20% above ₹ 10,00,000
₹ 12,50,001–₹ 15,00,000 ₹ 1,25,000 + 25% above ₹ 12,50,000
Above ₹ 15,00,000

1,87,500 + 30% above ₹ 15,00,000

 

For individual (resident or non-resident) 80 years of age or more anytime

the previous year:

Existing tax regime New tax regime u/s

115BAC

Income tax slab Income tax rate Income tax slab Income tax rate
Up to ₹ 5,00,000 Nil Up to ₹ 2,50,000 Nil
₹ 5,00,001–₹ 10,00,000 20% above ₹ 5,00,000 ₹ 2,50,001–₹ 5,00,000 5% above ₹ 2,50,000
Above ₹ 10,00,000 ₹ 1,00,000 + 30% above ₹ 10,00,000 ₹ 5,00,001–₹ 7,50,000 ₹ 12,500 + 10% above ₹ 5,00,000
₹ 7,50,001–₹ 10,00,000 ₹ 37,500 + 15% above ₹ 7,50,000
₹ 10,00,001–₹ 12,50,000 ₹ 75,000 + 20% above ₹ 10,00,000
₹ 12,50,001–₹ 15,00,000 ₹ 1,25,000 + 25% above ₹ 12,50,000
Above ₹ 15,00,000 ₹ 1,87,500 + 30% above ₹ 15,00,000

 

Note

1. The rates for the health and education cess and the surcharge are the same under both tax systems.

2. The u/s 87 rebate: If a resident individual’s total income is less than ₹5,000, they may be eligible for a rebate of up to 100% of income tax, or ₹12,500, whichever is less. Both tax regimes provide for this rebate.

Surcharge, marginal relief, and health and education cess 

What is surcharge?

People who make income beyond the outlined limits are subject to an additional fee known as a

surcharge, which is added to the amount of income tax determined using the current rates.

  • 10%—Taxable income above ₹ 50 lakh–up to ₹ 1 crore
  • 15%—Taxable income above ₹ 1 crore–up to ₹ 2 crore
  • 25%—Taxable income above ₹ 2 crore–up to ₹ 5 crore
  • 37%—Taxable income above ₹ 5 crore
  • The maximum rate of surcharge on income by way of dividend or income underthe provisions of

Sections 111A, 112A, and 115AD is 15%.

What is marginal relief?

When the surcharge payable exceeds the increased income, that makes a person responsible for the

Surcharge. As an alternative to the surcharge, marginal relief is provided. The amount payable as a surcharge

cannot be greater than the amount of income that exceeds 50 lakh, 1 crore, 2 crore, or 5 crore, respectively.

What is health and education cess?
Additionally, a health and education tax of 4% must be paid on top of income tax and the surcharge (if any).

Investments/Payments/Incomes on which I can get tax benefit

Section 24(b)—Interest on house loans, housing improvement loans is deducted from income from real estate. The maximum deduction for interest paid on housing loan for a self-occupied home is 2 lakh. For those choosing the new tax regime, this deduction is not accessible.

The interest on loans allowed by Section 24(b) is listed below:

Nature of property When loan was taken Purpose of loan Allowable (Maximum limit)
Self-Occupied On or after 1/04/1999 Construction or purchase of house property ₹ 2,00,000
On or after 1/04/1999 For repairs of house property ₹ 30,000
Before 1/04/1999 Construction or purchase of house property ₹ 30,000
Before 1/04/1999 For repairs of house property ₹ 30,000
Let Out Any time Construction or purchase of house property Actual value without any limit

 

Tax deductions specified under Chapter VIA of the Income Tax Act

Except for the deduction allowed under Section 80CCD (2), which will also be applicable for the new tax regime, a taxpayer choosing the new tax regime pursuant to Section 115 BAC will not be eligible for these deductions.

80C, 80CCC, 80CCD (1)
Deduction toward payments made to

80C Life insurance premium

Provident fund

Subscription to certain equity shares

Tuition fees

National savings certificate,

Housing loan principal

Other various items

 

80CCC Annuity plan of LIC or other insurer toward pension scheme
80CCD(1) Pension scheme of central government
Combined deduction limit of ₹ 1,50,000
80CCD(1B)
Deduction toward payments made to pension scheme of central government, excluding deduction claimed under 80CCD (1)
Deduction limit of ₹ 50,000

 

80CCD(2)
Deduction toward contribution made by an employer to the pension scheme

of central government

If employer is a PSU, state government, or others
Deduction limit of

10% of salary

If employer is central government
Deduction limit of

14% of salary

 

80D
Deduction toward payments made to health insurance premium andpreventive health check up

For Self/Spouse or dependent children
₹ 25,000 (₹ 50,000 if any person

is a senior citizen)

₹ 5,000 for preventive health

check up, included in above limit

For Parents
₹ 25,000 (₹50,000 if any person

is a senior citizen)

₹ 5,000 for preventive health

check up, included in above limit

 

Deduction towards Medical Expenditure incurred on a Senior Citizen, if no premium is paid on health insurance coverage

For Self/Spouse or dependent children
Deduction limit of ₹ 50,000
For parents
Deduction limit of ₹ 50,000

 

80DD
 

 

Deduction toward payments made toward maintenance or medical treatment of a disabled dependent or paid/deposited any amount under relevant approved scheme

Flat deduction of
₹ 75,000
available for a person with disability, irrespective of expense incurred
The deduction is
₹ 1,25,000
if the person has severe disability (80% or more).

 

80DDB
 

Deduction toward payments made toward medical treatment of self or dependent for specified diseases

Deduction limit of
₹ 40,000
(₹ 1,00,000if seniorcitizen)

 

80E
Deduction toward interest payments made on loan for higher education of self or relative
Total amount

paid toward

interest on

loan taken

 

80EE
Deduction toward interest payments made on loan taken for acquisition of residential house property where the loan is sanctioned between 1st April 2016 and 31st March 2017
Deduction limit of
₹ 50,000
on the interest paid on loan taken

 

80EEA
Deduction available only to individuals toward interest payments made on loan taken for acquisition of residential house property for the first time where the loan is sanctioned between 1st April 2019 and 31st March 2022 and deduction should not have been claimed u/s 80EE
Deduction limit of
₹ 1,50,000
on the interest paid on loan taken

 

80EEB
Deduction toward interest payments made on loan for purchase of electric vehicle where the loan is sanctioned between 1st April 2019 and 31st March 2023
Deduction limit of
₹ 1,50,000
on the interest paid on loan taken

 

80G
Deduction toward donations made to prescribed funds, charitable institutions, etc.

Donation are eligible for deduction under the below categories

Without any limit
100% deduction
50% deduction
Subject to qualifying limit
100% deduction
50% deduction

 

Note: Any donation provided in cash that is worth more than 2000 is not eligible for a deduction under this provision.

 

80GG
Deduction toward rent paid for house and applicable to only those who are self-employed or for whom HRA is

not part of salary

Least of the following shall be allowed as deduction

Rent paid reduced by 10% of total income before this deduction ₹ 5,000 per month 25% of total income (excluding long

term capital gains, short term

capital gains under section 111A or income under section 115A or 115D)

Note: Form 10BA to be filled for claiming this deduction.

 

80GGA
Deduction toward donations made for scientific research or rural development

Donation are eligible for deduction under the below categories

Research association or university, college, or other institution for

Scientific research

Social science or statistical research

Association or institution for

Rural development

Conservation of natural resources or for afforestation

PSU or local authority or an association or institution approved by the national committee

for carrying out any eligible project

Funds notified by central government for

Afforestation

Rural development

National Urban Poverty Eradication Fund as setup and notified by central government

 

Note: No deduction shall be allowed under this section in respect of donation made

in cash exceeding ₹ 2000 or if gross total income includes income from profit/gains

of business/profession

 

80GGC
 

Deduction toward donations made to political party or electoral trust

Deduction toward

donations made to political party or electoral trust

 

80TTA
 

Deduction on interest received on saving bank accounts by non-senior citizens

Deduction limit of
₹ 10,000/-

 

80TTB
 

Deduction on interest received on deposits by resident senior citizens

Deduction limit of
₹ 50,000/-

 

 

Deductions for a resident individual taxpayer with disability

Flat ₹ 75,000 deduction for a person with disability, irrespective of expense incurred

Flat ₹ 1,25,000 deduction for a person with severe disability (80% or more), irrespective of expense incurred

 

It is essential to note that the deadline for reporting ITR for the year 2022–2023 is December 31, 2022, based on our discussion so far. On the original final day for submitting ITRs, July 31, a record 72.42 lakh forms were submitted, bringing the total to 5.83 crore, which is about the same as last year. ITR filing started out slowly, but as the deadline drew near, it increased up.

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