The last date to file the income tax return (ITR) has been fixed at July 31, 2022, by the income tax department (I-T department). It is mandatory to file the ITR for people with an annual income greater than Rs 2.5 lakh. However, sometimes a taxpayer might miss the July 31 deadline.
In that case, they can file a belated ITR up to December 31, 2022. A belated ITR is filed after the due date, while a regular ITR is filed before the due date.
The belated ITR also attracts a penalty. If the annual income is less than Rs 5 lakh per annum, Rs 1,000 must be paid along with the belated ITR. If the income exceeds Rs 5 lakh per annum, the fine amount is Rs 5,000.
Also Read | ITR 2021-22: Penalties you may have to pay if you miss July 31 deadline
Along with the penalty, there are other charges too that will be applicable if you are filing the belated ITR:
Interest on unpaid tax
If there is an unpaid income tax after July 31, 2022, an interest of 1 per cent is applicable on the outstanding amount. This is irrespective of whether the tax amount was filed wrong by mistake or not.
The taxpayer will have to deposit the outstanding tax along with interest retrospectively from July 31.
Also, if the outstanding tax is paid on or after the 5th of any month, the full month’s interest will have to be paid.
Carry forward the losses
Taxpayers can reduce their liability by offsetting the losses from business operations or selling property against other incomes. The losses are allowed to be carried to subsequent years.
However, it is not applicable in the case of a belated ITR. The losses can only be carried forward if the ITR is filed before July 31, 2022.
Transactions mandatory to be mentioned in the ITR
Here are some transactions that are mandatorily required to be mentioned in the ITR:
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