As per the information provided by the Income Tax Department, if a person who is required to furnish a return of income under section 139 fails to do so within the time prescribed then they will have to pay interest on tax due.
The Central Government has extended the due date for filing Income Tax Returns several times this year mainly due to technical glitches. The last date of filing the returns for the Assessment Year 2021-22 has been extended to December 31, 2021.
However, if you still fail to file the returns then you may have to pay late filing fees of Rs 5,000. As per the information provided by the Income Tax Department, if a person who is required to furnish a return of income under section 139 fails to do so within the time prescribed then they will have to pay interest on tax due.
Further, as per section 234F, late filing fees of Rs 5,000 shall be payable if return furnished after the due date specified under section 139(1). However, the amount of late filing fees to be paid shall be Rs 1,000, if the total income of the person does not exceed Rs 5 lakhs.
It can be noted that the late filing fee under section 234F will not be leviable in case you are not required to file ITR as per section 139 but filing it voluntary though after the due date.
How to file the return of income electronically?
1. Go to the official website https://www.incometax.gov.in for e-filing the return of income.
2. Login to e-Filing portal by entering user ID (PAN), Password, Captcha code and click ‘Login’.
3. Click on the ‘e-File’ menu and click ‘Income Tax Return’ link.
4. On Income Tax Return Page: PAN will be auto-populated. Select ‘Assessment Year’, Select ‘ITR Form Number’, Select ‘Filing Type’ as ‘Original/Revised Return, ‘Select ‘Submission Mode’ as ‘Prepare and Submit Online’
5. Click on Continue.
6. Read the instructions carefully and fill all the applicable and mandatory fields of the online ITR form.
7. Choose the appropriate Verification option in the ‘Taxes Paid and Verification’ tab.
8. Click on ‘Preview and Submit’ button, Verify all the data entered in the ITR.
9. ‘Submit’ the ITR.
