ITR: The last date for filing income tax return for the financial year 2022-23 is July 31. Today is the last chance for salaried and individual taxpayers. However, they can file ITR even after the last date (ITR Last Date), but for this both penalty and interest will have to be paid. Such ITRs are classified as delayed. Its last date is also fixed as 31 December. Even after this, if a taxpayer fails to file RTR, then many difficulties can arise for him.
Late fee up to Rs 5000: According to Section-234F of Income Tax, if the total income of a taxpayer is more than five lakh rupees, then the late fee will have to be paid five thousand rupees. If the total income is less than five lakh rupees, then one thousand rupees will have to be paid. If the return is not required to be filed, no late fee will be charged. If the total income base is less than the exemption limit, but still filing the return late, then in this case also there will be no penalty.
Interest will be charged at one per cent every month: Late filing of ITR can lead to interest as well as penalty. According to Section-234A of Income Tax, interest will be charged at the rate of one per cent per month on the total income tax. Even one day after the month will be counted as a full month. For example, if a taxpayer files a belated ITR on 3rd November, the delay will be of 3 months and 3 days but interest will be charged for the full four months.
No interest on refund: If a taxpayer claims a refund, the department will release it only after the work of filing and verifying the ITR is complete. However, no interest will be paid on refund claim in belated ITR.
Will not be able to set off losses: Non-filing of ITR on time will not allow carry forward of capital gains, losses from house property, business and profession and other sources. Such loss can be carried forward up to eight years if ITR is filed on time.
