ITR Filing: The due date for filing ITR was 31 December 2021 while the last date for filing ITR for the financial year 2021-22 is 31 March 2022. But in case of non-filing of ITR by the due date of 31st December 2021, the taxpayer will have to pay a late fine of ₹ 5000, if his taxable income is more than ₹ 5 lakhs.
Apart from this, the taxpayer will have to forfeit certain benefits like being able to carry forward losses, interest on additional tax paid. But there are some taxpayers who can still file ITR without paying late fee.
Taxpayers whose taxable income is less than ₹2.50 lakh need not pay any late fee even if they fail to file their ITR within the due date of March 31, 2021, as per Tax and Investment Expert be. Balwant Jain says, “Taxpayers whose taxable income is less than Rs 2.50 lakh can file ITR without late fee. This will be applicable to both old and new tax slabs.
Elaborating on the late fee provisions, Kartik Jwehari, Wealth Manager, Transcend Capital, says, “Tax payers whose taxable income is more than 2.50 lakhs and have not been able to file ITR by 31st December 2021 will have to pay late fee. There is a difference between the due date and the last date. 31st December 2021 was the last due date for filing ITR. Whereas 31st March 2022 is the last date. Karthik explains, ‘Because those with tax income up to Rs 2.50 lakh do not have to pay any tax. So such people will not have to pay late fee
