• Notification Date: 24-07-2023
  • Notification No: N/A

How Many Times Taxpayers can File ITR for Renewal? Here’s the Answer

The deadline for filing income tax return is approaching. Filing the ITR correctly is crucial, otherwise, it may have several financial consequences. Although the taxpayer can file the return after the due date of July 31, he will have to pay a filing fee of Rs 5000 or Rs 1000 till December 31 depending on the income level. Moreover, interest will be charged at 1% per month till the date of filing of returns. Income Tax Department has launched an independent portal for e-filing of return of income. Taxpayers can login to this portal to e-file return of income. The Income Tax Department has introduced a free e-filing utility (ie, Java & Excel) to generate e-returns and file returns electronically. By using the e-filing utility, taxpayers can easily file their income returns. The utility can be downloaded from the official portal. 

ITR Due Date; Will the last date for filing ITR be extended? 

E-payment is the process of electronic payment of tax. That is, e-filing is done through net banking or debit and credit card. And e-filing is the process of filing return of income electronically. Any person who has not filed the return of income within the time allowed under section 139(1) or within the time allowed under the notice issued under section 142(1), may file the previous year’s return within 3 months before the end of the assessment year or before the completion of the assessment. However, late returns are subject to late filing fee under section 234F. 

By Finance Act 2022, sub-section (8A) has been inserted in section 139 for filing updated return. The Income Tax Department specifies that any person can file a revised return irrespective of whether he has filed an original or belated or revised return for the relevant assessment year or not. Taxpayers can file a revised return at any time within 24 months from the end of the relevant assessment year. 

Excess tax can be claimed as refund by filing income tax return. Refund will be received to bank account through ECS transfer. The return of income can be renewed at any time up to 3 months before the end of the assessment year or before the assessment. 

If an individual discovers any mistake, omission or misstatement after issuing the ITR, the return must be revised within the prescribed time limit. A person who is not required to file ITR under section 139 will not incur late filing fee under section 234F for voluntarily filing ITR after the due date.