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Today Is Last Day For Filing ITR, What Happens If You Miss

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Today, July 31, is the due date for filing the income tax return (ITR) for the financial year 2021-22 or assessment year 2022-23. It's fine if you have already submitted the return or can do so before the deadline. But what happens if you don't submit the ITR by the deadline of July 31?

If you miss the July 31 deadline, you still have until December 31, 2022, to file the return. However, there will be a late fee. There will be further financial repercussions as well.

For taxpayers with a yearly income up to ₹ 5 lakh, there is a ₹ 1,000 late fine. The late fee is ₹ 5,000 if your yearly income exceeds ₹ 5 lakh. However, you won't be required to pay a late filing penalty if your total gross income is less than the basic exemption amount.

Missing deadlines have several consequences in addition to the late fees. If you miss the deadline, you will have to pay interest on the late tax payment.

 

If you miss the July 31 deadline, submitting a late income tax return for the fiscal year 2021–2022 is December 31, 2022.

In case you miss even the December 31, 2022, deadline for refunds and losses, you would be required to file an appeal for condonation with the commissioner of income tax of your ward for refund and losses carried forward. If the reason is bonafide, you may get the permission.

There is a huge penalty if you owe taxex. If you find additional income in AIS or other documents which were not declared in original return or not filed at all, then you have to pay 50 per cent additional tax of this pending tax amount if filing updated return within a year and 100 per cent additional if filing after one but before two years. If you submit your revised return after December 31, but before that date has passed, you must use a new form, ITR U, and explain why your income has changed.


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TaxGyata Team

TaxGyata Team