But, will a late or belated filing of the income tax return invite any penalty or a late filing fee? In this week’s episode of TOI Wallet Talks, Parizad Sirwalla, Partner & Head, Global Mobility Services, Tax, KPMG in India explains this in detail.
Income Tax Return: Filing belated/late or revised ITR? Know penalty, interest payment, refund impact
Watch the video above to know what the consequences of late income tax return filing are. Additionally, in case your ITR throws up a tax liability at the time of belated filing, then it results in an interest payout as well. This interest payout will increase the more you delay the filing of your income tax return. Parizad Sirwalla also talks about whether there is any impact or consequence on your income tax refund claim.
Yet another scenario that could arise is if you have filed your income tax return within the due date of July 31, 2023 but realize that due to an error there is a need to now file a revised return. In the video above, Parizad explains in detail the interest calculation mechanism in case of an extra tax liability.
Also, an important point to note is that till FY 2022-23, the new tax regime was not the default tax regime. So in case you opted for it and did not file your income tax return within the due date, then while filing your ITR for AY 2023-24 you will now be switched back to the old income tax regime, which may result in payment of extra tax.
Finally, the video above also talks about a situation where you have filed the tax return on or before July 31, 2023 but have postponed or missed out on its e-verification. While explaining the ways in which the tax return can be e-verified, Parizad cautions against delaying e-verification beyond a certain number of days since that too will invite a penalty.