A Belated Return u/s 139(4) is the return filed after the due date.
The due date to voluntarily file an ITR (for individuals) for FY 2022-23/AY 2023-24 is December 31, 2023. This means if you failed to file your ITR by the due date (31 July 2023 for non-audit cases), you might still do it voluntarily till December 31, 2023.
However, if you file a belated return, here are a few consequences of the same:
- Interest Penalty u/s 234A @ 1% of tax liability per month or part thereof
- Late filing fees 234F up to Rs.10,000 if the total gross income is Rs. 2.5L or more
- Can’t carry forward losses
- Certain exemptions/deductions are disallowed
Belated Return on Quicko
Quicko automatically fetches the form, type, and section of your return on the basis of the due date of filing and the income situation entered.
So if you have prepared and/or filed your return after the due date, Quicko shall automatically fetch the type of return as Belated Return under section 139(4), as shown below.
Here's how you can prepare & file a return on Quicko.
The due date to file an ITR (Belated or Revised) for FY 2021-22/ AY 2022-23 is 31 December 2022. However, you can still file an ITR-U with expert assistance in case you've missed filing a return by booking a MEET.