Income Tax Return (ITR) for AY 2021-22 was July 31. If you are one of those who waited for the final date despite repeated reminders by the Income Tax (IT) department and then were unable to file the returns due to unforeseen circumstances, don’t worry. You still have time to submit your ITR — before December 31, 2022 — but this time you’ll have to pay a fine. Miss the date again and you could end up in jail.
Those who missed the July 31 deadline for submitting ITR can still submit the late ITR before December 31, but with a late fee. The Indian government rejected the proposal to extend the due dates of the ITR applications this year, so you will get this second chance with financial ramifications. Under Section 234F of the Income Tax Act, 1961, the taxpayer is also required to pay a penalty of up to Rs. 5,000 for postponing the ITR.
The process of submitting a late ITR is the same as: submitting the usual ITR. However, before starting to file a late ITR, a person must pay a late filing fee which can be paid using challan number 280 online at the NSDL website or by visiting the bank branch. According to the law, a late filing fee of Rs 5,000 will be levied on persons filing late ITR whose total income exceeds Rs. 5 million. For those whose total income does not exceed Rs. 5 lakh, the late filing fee is Rs. 1,000.
In addition, people who also miss this date cannot file the ITR unless the IT department sends a tax return. Those filing ITR after December 31 may have to pay double the fine i.e. up to Rs. 10,000 after the notification from the tax authorities. They can also be prosecuted for 6 months to 7 years in prison. In addition to the late payment penalty, the taxpayer may also have to pay interest on the late payment of taxes.
Some taxpayers are fine-exempt with income that is less than the basic exemption amount. These are as follows:
1.) Those who are under 60 years of age and have gross annual income of Rs 2.5 lakh
2.) Those who are over 60 years of age but under 80 years of age and have gross annual income of Rs. 3 lakh
3.) Those who are over 80 years of age and have gross income of Rs. 5 lakhs.
To avoid all the hassle, we recommend that you submit your ITR before the deadline from next time. Find out which one ITR form of the four types to submit ITR.
