ITR Filing Last Date : Have you forgotten to file your income tax return (ITR) for the fiscal year 2021-22? Hurry, there are only 4 days left before the deadline to file the belated and revised ITR expires on December 31, 2022. A person who has missed the deadline for filing an original income tax return may file a belated ITR.
“The deadline for filing a revised or late return for fiscal year 2021-22 is December 31, 2022. A belated return is one that is filed after the due date and is subject to late filing fees under Section 234 F of the Act. Late filing fees of Rs 5,000 will be charged if a taxpayer’s total income exceeds Rs 5 lakh, and Rs 1,000 if the total income is less than Rs 5 lakh. “The carryover of losses from prior years is not permitted in the case of a late return,” says Yeeshu Sehgal, Head of Tax Market at AKM Global, a tax and consulting firm.
What happens if you miss filing the belated ITR Filing by the due date?
The deadline for filing late returns is accompanied by a penalty; however, no penalty will be imposed on revised returns.
If ITR for the assessment year 2022-23 is not filed by December 31, 2022, there is no option to file ITR for the AY 2022-23 at this time. According to Archit Gupta, Founder and CEO of Clear, nonfilers may face some consequences.
Missed filing ITR? File belated ITR for FY 2021-22 by 31st Dec to avoid penalty! #incometax #incometaxreturn pic.twitter.com/vwysg0WVXE
— CAclubindia (@CAclubindia) December 29, 2022
Take note, taxpayers who have not yet filed their Revised ITR or Belated ITR. The deadline to file a tax return is December 31, 2022, and the I-T department has urged all taxpayers to do so as soon as possible. Notably, a total of 5.83 crore income tax returns were filed until the deadline of July 31.
Also Read: APSC 2014 scam: Court Summons DSP Bhanita Das and Excise Superintendent Manvi Das
1) VISA denial due to non-filing of ITR
2) The Department may initiate proceedings on the assumption that the non-filer attempted to evade his/her income for the assessment year and may levy a penalty of up to 200% of the tax amount in addition to taxes and interest.
3) If nonfiling continues for two years, the nonfiler may face a higher tax deduction on all of his income (except salary income)
What is Belated ITR Filing?
Section 139(4) of the Income Tax Act of 1961 provides for the filing of a belated ITR if the taxpayers missed the original deadline. Section 234F requires taxpayers with a total income of Rs 5 lakh or more to pay a penalty of Rs 5,000 if they file a belated ITR after July 31. The fine amount is Rs 1,000 for taxpayers with less than Rs 5 lakh total income, while those who are exempt from paying income tax do not have to pay any penalty. Taxpayers must select Section 139(4) in the tax return form to file a belated ITR.
