Income Tax Alert! December 31 Is Here: Know Why - Viral Bake
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Income Tax Alert! December 31 Is Here: Know Why

Due date to file Income Tax Return is December 31. Earlier, due date used t end by July 31 every year. IT Department is constantly asking people to fill their ITR before time and do not wait till last day.

Which Date Is Last Date?

There is confusion between meaning of due date and last date for filing ITR among many people.

If you were not able to submit your ITR by due date, you can still file it by last date.

You cannot submit ITR after last date and you have to pay interest after that.

The due date for filing ITR is 31st July always but this year it has been changed to December 31, 2021. The last date for filing ITR is March 31, 2022.

Also read:

New Tax e-filing Portal: Is it Possible To File An Income Tax Return Using This New Portal? Detailed Instructions for Using the Login Form

What Happens If You Miss Deadline?

If you are not able to submit your ITR by this time due date i.e. 31st December, 2021, you can still submit it till 31st March, 2022, but you can carry forward any loss to the current year.

If you do not file ITR by the due date, then if you have deposited tax in excess of your tax liability and are entitled to return, then you will not get interest on refund. If you have deposited less tax than the tax liability then you will have to pay interest.

Fine For Late Filing Of Income Tax Return

If your taxable income is more than 5 lakhs and you are filing your ITR after due date, then you will have to pay late fee of Rs 5000 when you will file your ITR.

If you are filing ITR and your taxable income is less than 5 lakhs then you will have to pay late fee of Rs 1000 to income tax department.

Late filing attracts late fees.

Siddhant Baranwal

Siddhant is a Content Creator. He has been doing this for past three years and have managed to gain good attention of audiences for his work. He is an active reader and has huge respect for art and theatre.

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