Did you miss Income tax return 2021-22 deadline? Here's what you should do now
On the last day, July 31, over 6.5 million ITR were filed by 11 PM, according to the Income Tax Department. The taxpayers who missed their first deadline may file a late ITR. Before December 31 of the same year, it may be submitted. Therefore, December 31, 2022 is the deadline for submitting a delayed ITR this year.
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FollowThe income tax return (ITR) deadline for the fiscal year 2021–2022 (FY22) was July 31, 2022. Despite claims from online users that they were unable to submit their ITRs because of technological difficulties, the Indian government did not extend the deadline. Over 50 million ITRs are anticipated to have been submitted in FY22. However, the precise figure has not yet been made public. Over 6.5 million documents were submitted by 11 PM on the final day, July 31.
But what if you were unable to submit the ITR 2021-22 before the deadline?
The taxpayers who missed their first deadline may file a late ITR. Before December 31 of the same year, it may be submitted. Therefore, December 31, 2022 is the deadline for submitting a delayed ITR this year. But a subsequent extension could be announced by the administration as well.
A late ITR, however, is also subject to punishment. If the ITR deadline is missed, the individual is subject to a late fine of Rs 10,000 under section 243(F) of the Income Tax Act, 1961. Finance Minister Nirmala Sitharaman decreased this sum to Rs. 5,000 in her Budget 2021 address.
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Only if the taxable income exceeds Rs 5 lakh per year is this punishment applied. The late cost is Rs 1,000 for taxpayers with an annual income of less than Rs 5 lakh. A person with an income below the new tax regime's exemption level of Rs. 2.5 lakh per year is also free from paying any late fees.
There are other drawbacks of filing the ITR after the deadline. Taxpayer is responsible for paying interest on any unpaid taxes. The final ITR filing date is used to compute it. The interest rate is currently set at 1%.
Losses cannot be carried forward: Another restriction on late ITR filers is the inability to carry forward losses from capital expenditures and other expenses. The loss resulting from the sale of the asset, however, may still be carried forward.
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