Do taxpayers lose out on deduction benefits on filing late income tax returns? We explain

There is not much hassle involved in filing a belated ITR. Taxpayers who failed to meet the July 31 deadline are granted the opportunity by the Income Tax Department to submit a belated return. Nonetheless, in such instances, a penalty for the delayed filing of ITR will be levied upon the taxpayers.

Abeer Ray, MintGenie Team
First Published23 Aug 2023, 10:55 AM IST
Taxpayers do not lose out on deduction benefits on filing belated ITRs.
Taxpayers do not lose out on deduction benefits on filing belated ITRs.

The cutoff for submitting the Income Tax Return (ITR) for the fiscal year 2022-23 was July 31, 2023. Those who miss this deadline will be subject to a late fee of Rs 5000 for individuals with total earnings surpassing Rs 5 lakh and Rs 1000 for those within this income limit.

Furthermore, delayed filers will also incur added interest charges on their taxable income, calculated at one per cent per month. These penalties can be avoided by submitting the return within 30 days of the deadline. However, even if filed within this 30-day window, a late fee of Rs 500 must be paid if the return lacks the necessary accompanying documents.

Given the substantial sums involved, it's crucial to ensure the timely submission of your ITR. While numerous taxpayers are considering submitting a late return with a penalty, a significant number are apprehensive about the possibility of their tax refund request being declined in the event of a delayed ITR submission.

Are tax deductions disallowed for delayed filing of ITR?

Submitting a delayed ITR incurs a late fee, but it doesn’t affect other advantages like tax deductions. However, it's crucial to emphasize that when claiming deductions with a belated ITR, you must ensure the submission of all necessary supporting documents or evidence.

The deadline for submitting a belated ITR for Assessment Year (AY) 2023-24 is December 31, 2023. You can complete the belated return process online via the Income Tax Department website. Required information includes your PAN, date of birth, and other necessary particulars, along with the uploading of essential documents.

Below are the documents essential for uploading along with your belated ITR:

  • PAN Card
  • Aadhaar Card
  • Address Proof
  • Income Proof
  • Any additional pertinent documents related to your return

Procedure for submitting a delayed ITR

You must first visit the official website of the Income Tax Department. You can then file your belated ITR using the following steps:

  • Log in using your PAN/Aadhaar number and password.
  • Once logged in, navigate to the e-file section on the homepage. Under the “Income Tax Return” tab, click on “File Income Tax Return”.
  • Choose the “Belated Return” alternative.
  • Input your PAN, date of birth and necessary particulars.
  • Upload the essential documents.
  • Complete the payment of the late fee.
  • Finalize and submit the return.

Upon successful submission of your belated ITR, an acknowledgement number will be provided. You can utilize this number to monitor the progress of your return.


Why should you file ITR even with no taxable income:
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First Published:23 Aug 2023, 10:55 AM IST
HomeMoneyPersonal FinanceDo taxpayers lose out on deduction benefits on filing late income tax returns? We explain

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