Belated ITR Penalty: Deposit penalty like this before filing belated ITR

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income tax return
New Delhi: According to the Income Tax Department, taxpayers who fail to file tax returns before the due date of filing ITR for the financial year 2022-23, July 31, 2023, will have to pay a penalty. Delayed ITR can be filed by paying penalty as per rules. The penalty will be decided according to the annual income of the taxpayers.

For the current financial year till July 31, 2023, 6.77 crore taxpayers have filed income tax returns, but for those who have missed, the Income Tax Department has given the option of filing belated ITR. Taxpayers have been given the facility of belated ITR filing under section 139(5) of the Income Tax Act 1961. Taxpayers have been given a chance till 31 December 2023.

What is the penalty for belated ITR?

Taxpayers will have to pay late penalty or penalty for delayed ITR filing as per income tax rules. Taxpayers are charged a penalty as prescribed under section 234F of the Income Tax Act, 1961, for delayed ITR filing. Small taxpayers, ie taxpayers with an annual income of less than Rs 5, who file belated ITR, have to pay a penalty of Rs 1,000. Lakh. On the other hand, those whose income is more than Rs 5 lakh will have to pay a fine of Rs 5,000, after which delayed ITR can be filed.

Income tax has given two ways to collect penalty

Taxpayers have to deposit applicable late penalty or fine before filing belated ITR. Late fee/penalty for belated ITR filing is paid using challan number 280.
Taxpayers can deposit the late penalty payment online on the website of NSDL.
Taxpayers can also deposit the late fee by visiting the nearest bank branch.

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