ITR Filing Last date: For all types of taxpayers, especially those whose accounts are not required to be audited, the last date for filing ITR returns is December 31. Usually this date used to be 31st July.
But this time it has been extended till 31st December. Now that the last date for filing income tax return (ITR filing date) is near. In such a situation, the Income Tax Department is constantly warning taxpayers to fill ITR before time. The department said that the last date for filing income tax returns (ITR file) is December 31, taxpayers should not wait till the last day.
Have you ever thought about what will happen if you do not file ITR (Income Tax Return) by 31st December? If you do not know, then we tell here that what can be the loss to you if you do not file income tax return on time.
Due date is the last date for filing ITR?
It is generally believed that the due date is the last date for filing ITR after which you cannot submit your ITR, which is not correct. There are two dates for filing ITR – one is the due date and the other is the last date. If you are not able to submit your ITR by the due date, you can still file it till the last date.
The due date for submission of ITR for every year, for all taxpayers whose accounts are not required to be audited, is 31st July of the year following the year for which ITR is to be filed. But this time the date has been changed. The due date for filing ITR for such taxpayers is December 31, 2021 and the last date is March 31, 2022.
What happens if you miss the deadline?
If you are not able to submit your ITR by this time due date i.e. 31st December, 2021, you can still submit it till 31st March, 2022, but you can carry forward any loss to the current year. lose rights. So if you have, during the current year, business income or capital gain or loss exceeding two lakh rupees, and which you are entitled to carry forward for set-off in subsequent years, the same will not happen.
If you do not file ITR by the due date, then if you have deposited tax in excess of your tax liability and are entitled to return, then you will not get interest on refund. If you have deposited less tax than the tax liability then you will have to pay interest.
Payment of delay in filing ITR
If ITR is submitted after the due date and your taxable income is more than five lakhs, then you will have to pay a flat late fee of five thousand rupees while filing your ITR. In case of income less than Rs 5 lakh, the late fee is Rs 1000.
Even if no tax is payable by you, late filing of ITR will still attract a late fee of Rs 1000.
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