The Income Tax Return (ITR) filed on AY 2021-22 is July 31. If you are those who are waiting on the last date, despite repeated reminders by the Income Tax (IT) department and then you don’t have to worry about it due to some unforeseen unforeseeable circumstances. You still have time to submit your ITR by December 31, 2022, but this time you will have to pay a fine. Miss the date again and you may go to jail.
Those who missed the deadline for submitting an ITR on July 31 can still submit a belated ITR by December 31, but charge for lateness. The Indian government has rejected a proposal to extend the ITR application date this year, so you will get a second financial impact. Under Section 234F of the Income Tax Act 1961, taxpayers must also pay a fine of up to Rs. 5,000 for delayed ITR.
The process of submitting a belated ITR is the same as submitting a normal ITR. However, before you start submitting a belated ITR, one person will need to pay a late filing fee, which can be paid by using Challan number 280 on the NSDL website or by accessing a bank branch. Under the law, a delayed application fee of Rs 5,000 will be imposed on individuals who filed a total income of more than Rs. 500,000. For those who earn no more than Rs. 500,000, the delayed application fee is Rs. 1,000.
In addition, people who missed this date are not allowed to submit an ITR unless the IT department sends a tax notice. Those who submit ITR after December 31 may have to pay a double penalty, i.e. up to Rs. 10,000 after the income tax department notified. They may also be prosecuted for 6 months to 7 years. In addition to the delay fees, taxpayers must pay interest on the deferred tax.
Some taxpayers are exempt from fines and their income is below the basic exemption amount. These are as follows:
1.) People under 60 years old and with a total annual income of Rs 2.5 lakh
2.) Those over 60 years old but under 80 years old and earn an annual income. 300,000
3.) Those who are over 80 years old and have gross income of rupees. 500,000.
To avoid all the hassle, we recommend that you submit your ITR before the next start deadline. To submit, figure out the four types of ITR forms to submit.
