| Query | Solution |
| Have you missed filing your income tax return for FY 22-23? | If yes, then there is still a chance to file the income tax return within 31st December, 2023. The return missed to be filed within the due date of filing income tax return is known as belated return. |
| What would happen if I file return after the due date? | In case you have filed the return after the due date, you shall be liable : Late filing fees of Rs.1,000/- in case if the total income declared is less than Rs.5,00,000/- and Rs.5,000/- in case the total income declared is more than Rs.5,00,000/- ;In case you are filing a late return declaring losses, the you shall not be liable to carry forward the losses to offset the benefit in future.You shall be liable to pay interest of 1%, in case there is tax liability which is payable. |
| I have filed my return but there are errors and mistake in the return.Can I rectify now? | Yes, in case you have filed the original return within the due date and later if you realise there is mistake after the due date, in such cases you can go ahead and file revised return. |
| Do I have to pay penalty or late filing fee for revised return? | No, there is no late filing fees or penalty for revised return. Thereby, you can revise the return. |
| How many times can I reveise the return filed for FY 22-23. | You can revise the returns unlimited times until 31st December, 2023 for the returns pertaining to FY 22-23 if and only if your original return is filed with the due date of filing income tax return. |
| Can I also revise belated returns? | No, belated returns cannot be revised. |
| Will I get notice I file revised return | The law does not state the fact that a person filing revised return should be given a notice. Rather, the income requiring explanation, having discrepancies and to arrive at a proof to vouch the source of income notices are issued. |
| I want to file return for earlier financial years i.e. FY 2020-21 & FY 21-22, Can I do so ? | Yes, you can still file returns, under the concept called as updated return before the Income Tax Authorities |
