Jul 27, 2022
The last date to file income tax return for FY 2021-22 (AY 2022-23) is July 31, 2022, i.e., this Sunday. This deadline is applicable for those taxpayers whose accounts are not required to be audited.
Image Source: Getty Images
As per a tweet by the income tax department, "More than 3 crore ITRs for AY 2022-23 have been filed on e-Filing portal till 25th July, 2022. The due date to file ITR for AY 2022-23 is 31st July, 2022. We urge you to file your ITR at the earliest, if not filed as yet. #FileNow! Pl visit: http://incometax.gov.in #ITD."
Image Source: Getty Images
As the government has made it clear that there will be no extension on the deadline to file ITR, a taxpayer must ensure that ITR is filed on or before Sunday. If the ITR is filed after the deadline, then it is termed as a belated ITR.
Image Source: Getty Images
Missing this deadline can cost you even if you don't have any taxes to pay. Till FY 2019-20 if a taxpayer missed the ITR filing deadline, the maximum penalty he/she would have had to pay was Rs 10, 000.
Image Source: Getty Images
Now, a taxpayer will be required to pay a late filing fee for filing a belated return. This fee of Rs 5,000 is levied under section 234F of the Income-tax Act, 1961. However, for small taxpayers having total income up to Rs 5 lakh, late filing fee will not exceed Rs 1,000. This fee must be deposited before the belated ITR is filed.
Image Source: Getty Images
From FY 2020-21 (AY2021-22) onwards, the usual deadline for filing belated ITR is December 31 (unless extended by the government). Accordingly, for FY 2021-22 (AY2022-23) i.e., for this year, the deadline for filing belated ITR is December 31, 2022. An individual filing belated ITR by the deadline of December 31, 2022 will have to pay maximum penalty of Rs 5,000.
Image Source: Getty Images
If a person whose gross total income does not exceed the basic exemption limit, files a belated ITR, then he/she will not be liable to pay a penalty for late filing.
Image Source: Getty Images
Thanks For Reading!