If you have already filed the return, it’s well and good. But, what happens if you fail to do so as July 31 deadline passed?
The due date for income tax return (ITR) filing for the financial year 2021-22 was July 31, 2022. A record 72.42 lakh income tax returns were filed on the last day, taking the cumulative returns to 5.83 crore, income tax department informed via a tweet.
“About 5.83 crore ITRs for AY 22-23 filed till 31st July, 2022. New record for Income Tax Department as over 72.42 lakh ITRs filed on a single day i.e on 31st July, 2022. The Department expresses gratitude to taxpayers/stakeholders for timely compliances,” the tax department tweeted.
About 5.83 crore ITRs for AY 22-23 filed till 31st July, 2022. New record for Income Tax Department as over 72.42 lakh ITRs filed on a single day i.e on 31st July, 2022.
— Income Tax India (@IncomeTaxIndia) August 1, 2022
The Department expresses gratitude to taxpayers/stakeholders for timely compliances.https://t.co/901c1x7S9X pic.twitter.com/a8r8LYlb8P
The government had extended the deadline for filing ITRs over the last two years. Some people were waiting for the last minute for the announcement of deadline extension for filing ITR. But this year the deadline was not extended.
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If you have already filed the return, it’s well and good. But, what happens if you fail to do so as July 31 deadline passed?
If you missed to file your returns, you can still do the same by December 31, 2022. However, you will have to pay a late fee. It will also have some other financial consequences.
Income Tax Return filing deadline missed? Be ready to pay fine
- The late fee for the taxpayers whose annual income is up to ₹5 lakh is ₹1,000. If your annual income is more than ₹5 lakh the late fine is ₹5,000. However, if your gross total income does not exceed the basic exemption limit, you will not be liable to pay a penalty for the late filing.
- Apart from the late fee charges missing deadlines have several other implications. If you miss the deadline you will be required to pay interest on the late payment of taxes.
- After missing the deadline, you will be required to deposit the outstanding tax along with the interest, retrospectively from July 31.
Filing belated ITR? Verify within 30 days
The Central Board of Direct Taxes (CBDT) has announced a reduction in the time limit for the verification of ITR.
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The time limit to verify ITR has been cut from 120 days earlier to 30 days in respect of any electronic transmission of return data on or after August 1, 2022. The CBDT announced this via a notification issued on July 29, 2022, which came into effect today, August 1, 2022.
