Income Tax Return 2022: Deadline for filing ITR is over, now how will income tax return be filed, how much will be the penalty?

Income Tax Return 2022: Those who have not yet filed returns waiting for the extension of the deadline from the government, they will now have to file their return with fine. By paying the fine amount, people will now be able to file their returns by 31 December 2022.

The deadline for filing ITR is over. The last date to file ITR was 31st July 2022 which is now over. Now many people have not filed ITR. Till the midnight of July 31, about five and a half crore people have filed ITR, but still a large number of people have not filed returns. In such a situation, those who have not filed returns till now will now have to pay the penalty before filing the income tax return, only then they will be able to file their return.

There were speculations that the government would extend the deadline for filing IIR at the last minute, but as the government had already indicated, the last date for filing returns was not extended. There was a demand to increase the deadline for filing tax returns from a large number of people and financial institutions, but the government ignored them by taking a tough decision.

Many people complained about the glitches in the e-filing website and demanded extension of the tax filing deadline, but the government categorically denied them saying that this time the government has no plan to extend the date of ITR filing.  ‘#Extend_Due_Date_Immediately’ was trending on Twitter for several days but there was no response from the government and finally the deadline for filing income tax returns did not extend.

What will those who have not filed returns by July 31, 2022, do now?

Those who have not yet filed returns waiting for the extension of the deadline from the government, now they will have to file their return with fine. By paying the fine amount, people will now be able to file their returns by 31 December 2022. In such a situation, it is important to know that after the last date for filing returns, what are the options left for those who have not filed returns yet and how they will be able to file their return? Let us know what will they have to do to file their return now?

ITR has to be filed with late fee under provision 139(4) of Income Tax Laws
If you have missed the date of 31st July 2022 for filing these tax returns, then you can file your return with late fee under section 139(4) of the Income Tax Act till 31st December 2022. For this, you will have to pay a fine of Rs 1000 to Rs 5000.

Who will have to pay a fine of one thousand rupees?

If your annual income is less than Rs 5 lakh and you have not yet filed your income tax return, then you can file your ITR between today and 31 December 2022 by paying a fine of Rs 1000. However, if your annual income is less than the basic exemption limit (Rs 2.5 lakh), then you will not have to pay a single rupee as penalty.

Who will have to pay a fine of five thousand rupees?

If a person’s annual income is more than Rs 5 lakh and he has not yet filed his income tax return, then he will now have to pay a late fee of up to Rs 5000 to file his return. Now the calculation of interest will start from today on the amount of Rs. In such a situation, they will also have to first pay the late fee, their outstanding tax and the amount of interest charged thereon for filing income tax return by December 31. Those who have not filed their return under 139(1) on time will now have to pay interest at the rate of 1% per month on the tax liability on them for filing the return.

How to get refund if return is not filed even by December 31, 2022?

If you have to take refund from Income Tax Department and you have not filed your return by 31st July 2022, then you can claim your refund by filing the return with penalty by 31st December 2022. Even if you have not filed your return by 31st December 2022, you can still get a refund but for that you will have to roll a lot of papads. You have to appeal to the Commissioner of Income Tax of your area to get the refund. They may allow you to file the return even after that if the reason for not filing your return is justified.

Verification deadline reduced On the other hand, the Central Board of Direct Taxes has reduced the ITR verification deadline. According to CBDT, now instead of 120 days, only 30 days will be available for ITR verification. This information has been given by issuing a notification on behalf of CBDT. Explain that after filing ITR, it is necessary to verify it. Without this the process of ITR is not complete. In the notification issued by the CBDT, it has been said that now it will have to be verified within 30 days of filing the return.