Belated Income Tax Return: The deadline to file ITR without penalty for FY 2022-23 and Assessment Year 2023-24 is over. In such a situation, if you have not filed income tax return till 31st July then there is no need to worry. You can still file income tax return by paying the penalty amount. You can easily file income tax return through the official website of Income Tax Department. The thing to note is that the delayed ITR is the same as the normal ITR, only in this you have to pay a separate penalty.

Now have to pay this much fine

According to the Income Tax Department, now taxpayers will have to pay a fine ranging from Rs 1,000 to Rs 5,000. After this he can easily file income tax return. If your annual income is less than Rs 5 lakh, then you will have to pay Rs 1,000 as penalty. At the same time, people with an annual income of more than Rs 5 lakh will have to pay a fine of Rs 5,000.

How to file ITR now

It is noteworthy that even with the late fee, the process of filing income tax return is the same as before. There is only one change in this. On filing the return before 31st July, you had to file Section 139(1) ITR under the Income Tax Act. Now you have to file return under section 139(4) for this. Along with this, you can easily file the return by December 31, 2023, by paying the late fee.

Know the step by step process of filing belated ITR-

1. To file belated ITR, first go to the e-filing website and enter your ID and password.
2. Here you will get the option of Belated Password, click on it.
3. Here you choose the assessment year 2023-24.
4. After this, you have to choose the correct ITR form like ITR-1, ITR-2 etc.
5. Next you enter financial information.
6. After this, you will also have to upload all the necessary documents like Form 16, TDS certificate etc.
7. After this cross check all the information and submit this form.