ITR filing last date: You must file an income tax return if you are salaried and your pay is subject to income tax. The Income Tax Department has announced that the deadline for submitting an Income Tax Return (ITR) for the Fiscal Year 2021–2022 (FY 2021–2022) is quickly approaching. Do this job right away if you haven’t done it yet. ITR filings must be submitted by December 31, 2022. Remember that failing to file your ITR could result in a variety of significant financial damages.
The deadline is December 31, 2022.
Most salaried individuals, small business owners, and professionals had until July 31, 2022, to file an ITR for the fiscal year 2021–2022 in question. However, many persons were unable to submit their ITR by this time. The Income Tax Department has provided these individuals with the option to file returns with late fees in such circumstances. The deadline for filing returns will quickly expire in such a circumstance. Only two days remain in this. In addition, while people submitted their returns on the designated day, you still have until December 31 to file updated forms that include modifications.
What is the policy regarding late return filing?
Section 139(4) of the Income Tax Act contains a provision for filing late returns. The belated return, however, differs from the ordinary return in a number of ways. According to section 234F, late filing of returns results in additional fees.
Learn how much the late fee will cost.
Let us inform you that Section 139(4) of the Income Tax Act requires you to contribute additional fees when filing a delayed ITR. This form is very different from the standard form. Under section 234F, you are required to pay additional fees for filing returns in this. Keep in mind that you will be required to pay a late fee of Rs. 5,000 if your taxable income exceeds Rs. On the other hand, you must pay a penalty of Rs 1,000 if your taxable income is less than Rs 5 lakh. You frequently sustain significant losses as a result of filing your return late.
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