File ITR if You Missed July 31 Deadline: Penalties and All You Must Know

Revenue tax return (ITR) submitting for AY 2021-22 was July 31. In case you are amongst those that waited for the final date regardless of repeated reminders by the Revenue Tax (IT) division after which had been unable to file the returns because of some unforeseeable circumstances, you needn’t fear. There may be nonetheless time so that you can file your ITR — by December 31, 2022 — however this time you’ll have to pay a penalty. Miss the date once more and it’s possible you’ll land in jail.

Those that missed the July 31 deadline for submitting ITR can nonetheless file the belated ITR by December 31 however with a late charge. The Indian authorities rejected the proposal to increase the ITR submitting due dates this yr so you’ll have this second go together with some monetary repercussions. Below part 234F of the Revenue Tax Act, 1961, the taxpayer can be required to pay a penalty of as much as Rs. 5,000 for delaying the ITR.

The method of submitting a belated ITR is similar as submitting the standard ITR. Nonetheless, earlier than you begin submitting a belated ITR, a person is required to pay a late submitting charge which might be paid through the use of challan quantity 280 on-line on the NSDL web site or by visiting the financial institution department. As per the regulation, a late submitting charge of Rs 5,000 will probably be levied on people who file belated ITR whose whole earnings exceeds Rs. 5 lakh. For these whose whole earnings doesn’t exceed Rs. 5 lakh, the late submitting charge will probably be Rs. 1,000.

Moreover, individuals who miss this date as nicely will not be capable to file the ITR until the IT division sends a tax discover. Those that file ITR after December 31 could should pay double the penalty, i.e., as much as Rs. 10,000 after the earnings tax division discover. They could be prosecuted for six months to 7 yr jail time period as nicely. Other than the late charge, taxpayers may should pay curiosity on the late fee of taxes.

Some taxpayers are exempted from penalty who’ve earnings lower than the essential exemption quantity. These are as follows:

1.) Those that are under 60 years and have a gross annual earnings of Rs 2.5 lakh

2.) Those that are above 60 years however under 80 years of age and have gross annual earnings of Rs. 3 lakh

3.) Those that are above 80 years of age and have gross earnings of Rs. 5 lakhs.

So as to keep away from all the effort, we suggest you file your ITR earlier than the deadline from subsequent time onwards. So as to file, determine which ITR type of the 4 sorts to file ITR.

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