You can file ITR for the assessment year 2021-22 by December 31, 2022. But for this you have to pay penalty. Earlier, the last date to file ITR was 31 July.
new Delhi. Every year Income Tax Return (ITR Filling) has to be filed within the time limit fixed by the Income Tax Department. However, if the date is missed, taxpayers also get other chances to file ITR. The date for filing Income Tax Return (ITR) for the assessment year 2021-22 was 31 July. If for some reason you have missed filing income tax, then you do not need to worry. You still have time to file ITR. You can file ITR till December 31, 2022 but for this you will have to pay penalty.
The Government of India has rejected the proposal to extend the due dates of ITR filing this year. However, you can file ITR by paying the penalty. Under Section 234F of the Income Tax Act, 1961, the taxpayer also has to pay a penalty of up to Rs 5,000 for delayed ITR.
The procedure for filing separate penalty
delayed ITR according to income slab is the same as filing normal ITR. However, before filing belated ITR, the filing fee has to be paid, which can be paid online on NSDL website using challan number 280 or by visiting the bank. As per the law, a late fee of Rs 5,000 will be levied on late filing of ITR by individuals whose total income exceeds Rs 5 lakh. At the same time, for those earning less than 5 lakhs, this charge will be 1 thousand rupees.
What will happen after 31st December?
Apart from this, those who miss this date also will not be able to file ITR until the IT department sends the tax notice. Those who file ITR after December 31 may have to pay double the penalty i.e. up to Rs 10,000 after receiving the notice from the IT department. They can also be sentenced to 6 months to 7 years in jail.
At the same time, apart from late fees, taxpayers may also have to pay interest on late payment of tax. By the way, to avoid hassles like penalty and punishment, it is necessary to file your ITR before the deadline.
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