Jul 11, 2022
It's important to ensure that you file your ITR on-time, to avoid paying a late filing fee. Further, there can be interest penalty under section 234A of the Income-tax Act, 1961 if taxes are paid after the deadline of filing ITR has expired.
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The last date of filing ITR varies for different taxpayers
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As per current income tax laws, for individuals and HUFs the last date of filing ITR is July 31 (unless the date is extended by the government). The last date of filing ITR of July 31 is applicable to those taxpayers whose accounts are not required to be audited.
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The last date of filing belated ITR is December 31 (unless date is extended by the government). In Budget 2021, the government has reduced the time limit of filing belated/revised ITR by three months from March 31 earlier to December 31. Hence, if ITR filing deadline of July 31, 2022 (for FY 2021-22) is missed, then you can file belated ITR till December 31, 2022 (for FY 2021-22).
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Current income tax laws allow individuals to file ITR even after the expiry of the deadline. The ITR filed after the deadline is termed as a belated ITR. There are monetary consequences of filing a belated ITR.
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For individuals, if the ITR is filed after July 31, then a late filing fee of Rs 5,000 will be levied. This late filing fee will be levied under section 234F. For small taxpayers whose taxable income does not exceed Rs 5 lakh, penalty of Rs 1,000 will be levied for missing the ITR filing deadline.
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If an individual's gross total income does not exceed the basic exemption limit (unless he/she is mandatorily required to file ITR even if the total income is below the basic exemption limit), then he/she will not be liable to pay late filing fees if he/she files a belated ITR. The basic exemption limit depends on whether an individual opts for the old tax regime or new income tax regime.
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If a resident individual has income from foreign assets and he files belated ITR, then late filing fee will be levied even if gross total income does not exceed the tax exemption limit. (Text by Preeti Motiani/ET Online)
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