Income Tax Return Filing: Taxpayers who fail to file ITR by July 31 can file returns by December 31, 2022, though you will have to pay a penalty in this case.
The last date for filing ITR for the financial year 2021-22 or assessment year 2022-2023 is July 31. This time the government has categorically refused to extend its deadline. Last week, over 2.3 crore income tax returns were filed for the financial year 2021-22 till July 20. Union Revenue Secretary Tarun Bajaj on Wednesday said that the government is not planning to extend the last date for filing ITR this year. However, many users on Twitter are complaining that the website is not working properly, so the deadline should be extended.
Will have to pay a fine of 5 thousand rupees
Taxpayers who fail to file ITR by July 31 can still file returns till December 31, 2022. However, keep in mind that for the year 2021-22, any unpaid tax will have to be penalized along with interest. Deepak Jain, chief executive, tax e-filing and compliance management portal TaxManager.in, says, “If you fail to file your ITR by the due date, you can file the belated return by December 31, 2022. If the return is filed after the last date but before December 31, 2022, you will have to pay a fine of Rs 5,000.
In this case, a fine of Rs 1000 will have to be paid.
As per section 234F, Rs 5,000 will have to be paid as penalty for filing ITR after the last date. However, if the total income of the person does not exceed Rs 5 lakh, then in this case a fine of Rs 1000 will have to be paid. If the total income of a person is not exceeding the basic exemption limit under the tax regime chosen by him, then he will not have to pay any penalty while filing belated ITR.
