e-filing income tax return FY 2022-23: What happens if you miss ITR filing deadline of July 31

If one fails to file an ITR in time, they may invite monetary penalties of up to Rs 5,000 or imprisonment of up to 7 years against them.

Though everyone is supposed to file an ITR, under Section 234, no late fee will be levied on you if you are not supposed to file an ITR as per Section 139. Photo: Unsplash

The income tax filing (ITR) deadline is looming large with July 31 being the last date. The government often extends the deadline, but it hasn't made any announcements so far, so taxpayers have 21 days to file their ITR. Taxpayers will file their ITR for the Financial Year 2022-23 and the Assessment Year 2023-24 ended on March 31. As a responsible citizen of India, it is the duty of every taxpayer to file an ITR in time, failing which they may invite monetary penalties or legal proceedings against them.

But even after knowing the consequences, if somebody fails to meet the deadline, what are the possible implications they may face? ZeeBiz will take you through different scenarios in this explainer.

ITR Deadline: July 31

The ITR filing deadline for the Financial Year 2022-23 and the Assessment Year 2023-24 is July 31. The deadline is the last date of the four-month window that the government provides to taxpayers to furnish their income details for the relevant time period and file their ITR.

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What if I miss the ITR filing deadline?

Will I be penalised if I am not liable to file an ITR?
Though everyone is supposed to file an ITR, under Section 234, no late fee will be levied on you if you are not supposed to file an ITR as per Section 139.

What if I fail to furnish my return by the due date?
As per the official website of the income tax department, if one fails to file an ITR within the deadline under Section 139(1), they can incur a late filing fee of Rs 5,000 as a penalty under Section 234F.

However, if one's income doesn't exceed Rs 5 lakh, they have to pay a penalty of Rs 1,000 in a similar situation.

Can I file my return after the due date?

The income tax website says that if an ITR is not filed before or on the specified due date under Section 139(1), it will be known as a belated return.

As per the rule, a belated ITR is filed under Section 139(4).

Not just for the current assessment year, a person is allowed to file a return for any previous year under Section 142(2) at any time 3 months before the end of the relevant assessment year or before the completion of the assessment, whichever is earlier.

But a belated return filing for any previous year is treated the same as the late filing of the current year and attracts a late filing fee of Rs 5,000 as per Section 234F.

But if the person's income doesn't exceed Rs. 5 lakh, they have to pay Rs. 1,000 as a late fee.

Can I file an ITR after the expiration of the due date to file a belated return?

One is eligible to file an updated return under subsection (8A) of Section 139.

The IT department allows one to file an updated return irrespective of whether such a person has already filed the original, belated, or revised return for the relevant assessment year or not (subject to certain conditions).

You can file an updated return at any time within 24 months from the end of the relevant assessment year.

Can I be criminally prosecuted for late filing of ITR?

As per the income tax website, non-payment of taxes garners a penalty, interest, or prosecution.

The prosecution can result in rigorous imprisonment ranging from 3 months to 2 years.

However, if the tax that has been evaded exceeds Rs 25,00,000, the imprisonment can be as long as 6 months to 7 years.

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