Tuesday, January 31, 2023

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ITR deadline missed: Haven’t file income tax yet? Know this new update immediately!

ITR deadline missed: The last day to file Income Tax Return (ITR) for FY2021-22 was July 31, 2022. However, even after that the Income Tax Department had given people a chance to file their ITR. Late filing of returns is called belated ITR. The last date for filing belated ITR was December 31, 2022. However, now that date has also passed, due to which those who have missed to file the return have become in trouble.

ITR deadline missed: What will happen next?

Late filing fee/penalty is levied for belated ITR filing under section 234F of the Income Tax Act, 1961. However, now that the deadline for filing belated ITR is over, let’s look at what will happen next. According to reports, even if a person misses the December 31 deadline, he will not be able to file ITR unless the Income Tax Department sends a tax notice.

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Fine up to 10 thousand

Late filing fee for filing belated ITR is effective from FY 2017-18. As per law, the penalty/late filing fee will be looked into in two ways. A penalty of Rs 5,000 will be applicable if a person has filed ITR after the deadline for filing ITR, i.e. after July 31. However, if a belated ITR is also not filed by December 31 and is filed between January 1 and March 31, then a penalty of Rs 10,000 will be applicable.

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