August 18, 2022
How to file ITR if you have missed July 31 deadline: Penalty and all you need to know


Income tax return (ITR) filing for AY 2021-22 was July 31. If you are one of those people who waited for the last date despite repeated reminders by the Income Tax (IT) department and then were unable to file returns due to some unforeseen reasons. circumstances, you don’t need to worry. You still have time to file ITR till December 31, 2022, but this time you will have to pay a penalty. Miss the date again and you can land in jail.

Those who missed the July 31 deadline for filing ITR can still file delayed ITR till December 31, but with a late fee. The Indian government this year rejected a proposal to extend the due dates for ITR filing, so you will get this second chance with some financial repercussions. Under Section 234F of the Income Tax Act, 1961, the taxpayer is also required to pay a fine of up to Rs. 5,000 for delay in ITR.

The process of filing delayed ITR is the same as for filing normal ITR. However, before you start filing a belated ITR, one has to pay the late filing fee which can be paid online using challan number 280. NSDL website Or by going to the bank branch. As per the law, a late fee of Rs 5,000 will be levied on individuals who file ITR late, whose total income exceeds Rs. 5 lakhs. For those whose total income does not exceed Rs. 5 Lakh, Late Filing Fee Rs. 1,000.

Also, those who miss this date will not be able to file ITR until the IT department sends the tax notice. Those filing ITR after December 31 may have to pay double the penalty i.e. up to Rs. 10,000 after notice to the Income Tax Department. They can also face a jail term of 6 months to 7 years. Apart from late fee, taxpayers may also have to pay interest on late payment of tax.

Some taxpayers are exempt from the penalty whose income is less than the basic exemption amount. These are as follows:

1.) Those who are below 60 years of age and whose gross annual income is Rs 2.5 lakh

2.) Those who are above 60 years of age but less than 80 years and whose gross annual income does not exceed Rs. 3 lakh

3.) Those who are above 80 years of age and whose gross income does not exceed Rs. 5 lakhs.

To avoid all the hassle, we recommend that you file your ITR before the deadline next time. To file, find out which of the four types of ITR forms to file ITR.


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