The last date to file the income tax return for the previous financial year (ITR 2021-22) is July 31, 2022. The government has refused to extend the deadline. According to official announcements, over 3 million people have filled the ITR AY22-23.
If you have not filed the ITR, look at these critical points.
Use this method for filing the ITR 2021-22 online
What happens if you miss the ITR last date?
People with an annual income less than Rs 2.5 lakh are not mandatorily required to file the ITR. No penalty will be imposed on them if they do not file the return.
However, if the income exceeds Rs 2.5 lakh per annum, not filing the ITR can even land you in jail.
These are the penalties if you fail to file the ITR 2021-22
- A jail term of a minimum of 3 years and a maximum of 7 years, at the discretion of the Income Tax Department.
- Late fees: If you miss the deadline of July 31, 2022, you can still file the document by December 31, 2022.
However, you will have to pay a late fee. If the yearly income exceeds Rs 5 lakh per annum, your late fees will be Rs 5,000. If the income is below Rs 5 lakh per annum, the late fee is Rs 1,000.
- 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 mistakenly 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 entire month’s interest will have to be paid.