ITR Filing: If you have not been able to file ITR on time, you can file it by paying a fine. Which needs to be verified within 30 days. The time limit for verifying ITR in respect of any electronic transmission of return data on or after August 1, 2022 has been reduced from 120 days to 30 days.
The last date for filing Income Tax Return (ITR) for the financial year 2021-22 was July 31, 2022. A record 72.42 lakh income tax returns were filed on the last day, taking the total number of returns filed to 5.83 crore. The Income Tax Department informed about this through a tweet.
The coming department tweeted and told that till July 31, 2022, about 5.83 crore ITRs were filed for AY 22-23. A new record was made for the Income Tax Department for filing more than 72.42 lakh ITRs in a single day i.e. on 31st July, 2022. The Income Tax Department expresses its gratitude to the taxpayers/stakeholders on time.
The government had extended the deadline for filing ITR in the last two years. Some people were waiting till the last minute to announce the extension of ITR filing deadline. But this year the deadline was not extended.
If you have already filed the return, that is great. What happens if you fail to do so even after the July 31 deadline has passed?
If you have missed filing your return, you can still file it till December 31, 2022. However, you will have to pay a late fee. This will have some other financial consequences as well.
Return can be filed by paying fine
For taxpayers whose annual income is up to Rs 5 lakh, the late fee is Rs 1,000. If your annual income is more than 5 lakhs, then the late fine has been fixed at Rs 5,000. However, if your gross total income does not exceed the basic exemption limit, you will not be liable to pay penalties for late filing.
In addition to late fees, there are many other implications of indefinite deadlines. If you miss the deadline, you will have to pay interest on late payment of taxes.
After the deadline, you will have to deposit the outstanding tax with interest retroactively from July 31.
Verify within 30 days by filing late ITR
The Central Board of Direct Taxes (CBDT) has announced a reduction in the time limit for verification of ITR.
The time limit for verifying ITR in respect of any electronic transmission of return data on or after August 1, 2022 has been reduced from 120 days to 30 days. The CBDT announced this through a notification issued on July 29, 2022. It has become effective from 1st August 2022.