ITR Filing: Penalty of Rs 5,000 if taxpayers fail to do this by July 31

In case of failure to file ITR by the due date, you can file the belated return by December end.

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If you are not liable to file ITR but still want to file the returns, you can do so even after the due date.

The last date to file ITR for the financial year 2021-22 is July 31, 2022. Unlike in the previous years, the deadline for ITR Filing for the assessment year 2022-23 may not get an extension this time. Last week, over 2.3 crore income tax returns were filed by July 20 for fiscal 2021-22 and the government is not considering any extension of the due date for ITR Filing for AY 2022-23.

The filing of Income Tax Return (ITR) is for the income of the previous year and, therefore, for the financial year 2021-22, the assessment year is 2022-23.

Taxpayers failing to file ITR for 2022-23 by July 31, 2022, may still file the returns by December 31, 2022, but will have to pay a fine along with interest on any unpaid taxes for the year 2021-22. “In case of failure to file ITR by the due date, you can file the belated return by 31st December 2022. A penalty of Rs. 5,000 is levied if the return is filed after the due date but before 31st December 2022,” says Deepak Jain, Chief Executive, TaxManager.in a tax e-Filing and Compliance Management Portal.

As per section 234F, late filing fees of Rs. 5,000 will have to be paid if ITR is filed after the due date. However, the number of late filing fees to be paid shall be Rs 1,000, if the total income of the person does not exceed Rs.5 lakh.

If you are not liable to file ITR but still want to file the returns, you can do so even after the due date. In such a case, no late filing fee under section 234F is leviable in case you are not required to file ITR as per section 139 but file it voluntarily though after the due date.

The income tax rules state that any person who has not furnished a return of income within the time period allowed under section 139(1) or within the time period allowed under a notice issued under section 142(1), may furnish a return for any previous year at any time 3 months before the end of the relevant assessment year or before completion of the assessment, whichever is earlier.

Therefore, filing ITR by the due date of July 31 may not get an extension and it is better to file now and avoid filing ITR at the fag end of the tax filing season.

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