For the fiscal year 2022–23 (AY 2023–24), more than 6.50 crore income tax returns (ITRs) were filed by July 31st evening, the deadline for ITR submission. Approximately 14% of all taxpayers may not have submitted their ITRs by the deadline. These taxpayers can now file a late ITR until December 31 with late costs and an interest penalty, in accordance with the income tax regulations. In addition, losses cannot be carried forward and there are restrictions on how much may be deducted. If we didn’t file an ITR by the deadline of July 31, we can do so now through December 31, 2023 by paying a late charge and 1% punishing interest on taxes. If we don’t submit our ITR by the deadline (July 31), we can do so up until December 31 for the assessment year 2023–2024 and pay the costs required by Section 234F, which are Rs 1,000 for those with income up to Rs 5 lakh and Rs 5,000 for those with income beyond Rs 5 lakh.  On late tax payments, interest penalties under Sections 234A, B, and C of the Income Tax Act of 1961 will also be assessed in accordance. If we have submitted a NIL ITR, we may, however, update it up to December 31 without incurring any late costs or penalties.

We may now submit our income tax returns, although there are certain restrictions on writing off expenses or carrying losses forward. Due to missing the required due dates, submitting a late return may result in restrictions on claiming certain deductions and carrying forward losses, with the exception of loss from residential property. Visit the income tax department’s online filing site, choose the relevant ITR form, fill it out completely, pay any back taxes owed, and then wait for processing to complete.

If we filed our ITR by July 31, 2023, we may e-verify it within 30 days without incurring a fee; otherwise, your income tax return will be rejected. We have 30 days to validate our ITR if it has been filed. It used to be 120 days, but last year it was shortened to 30 days. After 30 days, our ITR will be denied if we don’t successfully verify. We may e-verify our ITR by clicking on the link-  Income Tax Portal, Government of India E-Verify Return . We may accomplish it using our bank account, ATM, net banking, our Demat account, and our Aadhaar OTP.