For the financial year 2021-2022, the last date to file the ITR was July 31. But due to the majority of taxpayers that failed to file Income Tax Return for any reason, there is still hope to file till December 31, 2022, as belated ITR with late fees. But if you miss this chance then only the Income Tax Department knows what will happen.
About The Late Fees That You Will Have To Pay For Belated ITR
The Income Tax Act’s Section 139(1) rules that under Section 234A the taxpayers will be penalised if they fail to file an Income Tax Return within the deadline. So, till December 31 this year the taxpayers are allowed to file an ITR with a belated fee of ₹5,000.
However, only ₹1,000 is payable if your income is less than the taxable limit which is ₹5 lakh or less. Also, there is no penalty for filing the return if the revenue is less than Rs. 2.50 lakh.
“The Income Tax Department may provide you with a warning if you are required to file an income tax return and do not do so by December 31. If this is the case, you should file your ITR before December 31 to stay out of problems.”
December 31, Last Date To File Revised ITR
Same as belated Income Tax Return, if someone filed an incorrect income tax return, they can fix it by filing a revised ITR. Both of these forms of ITRs must be submitted by December 31, 2022, for the financial year 2021-2022.
Meaning of Revised and Belated ITR
“Belated returns are those that are filed after the original deadline for filing returns for a fiscal year has passed. The taxpayer will be penalised for this.”
“When an error occurs during the filing of the initial return, a revised return is submitted. Section 139(4) of the Income Tax Act of 1961 specifies how late it must be filed. The revised ITR is submitted in accordance with section 139. (5),” mentioned DNA India.