ITR Filing FY 2021-22 Deadline: If ITR is not filed by July 31, What will be the solution after missing the deadline?

ITR Filing FY 2021-22 Deadline: The last date for filing ITR for the financial year 2021-22 or assessment year 2022-2023 is July 31. This time the government has indicated not to extend its deadline. Union Revenue Secretary Tarun Bajaj on Wednesday said that the government is not planning to extend the last date for filing ITR this year. However, many users on Twitter are complaining that the website is not working properly, so the deadline should be extended.

If you are not able to file ITR by the deadline, then you will have to pay penalty while filing ITR late. Apart from this, you may get an Income Tax Notice from the Income Tax Department. After this, you will have to pay tax, as well as pay a fine.

how much will be fined

Taxpayers who fail to file ITR by July 31 can still file returns till December 31, 2022. However, keep in mind that for the year 2021-22, any unpaid tax will have to be penalized along with interest. Deepak Jain, chief executive, tax e-filing and compliance management portal TaxManager.in, says, “If you fail to file your ITR by the due date, you can file the belated return by December 31, 2022. If the return is filed after the last date but before December 31, 2022, you will have to pay a fine of Rs 5,000.

1000 rupees will have to be fined in this case

As per section 234F, Rs 5,000 will have to be paid as penalty for filing ITR after the last date. However, if the total income of the person does not exceed Rs 5 lakh, then in this case a fine of Rs 1000 will have to be paid. If the total income of a person is not exceeding the basic exemption limit under the tax regime chosen by him, then he will not have to pay any penalty while filing belated ITR.

These people can fill ITR without penalty

As per the laws related to income tax, not everyone is required to pay late fee for filing ITR after the deadline is over. If a person whose gross total income does not exceed the basic exemption limit, then he will not have to pay penalty while filing ITR late. If the gross total income does not exceed the basic exemption limit, then no late fee is levied on ITR under section 234F.