The late filing of income tax returns (ITRs) is drawing to a close soon. The income tax department has set the final deadline on December 31, 2022.
The original due date for filing IT returns for the assessment year 2022–23 was July 31.
However, the deadline was extended who couldn’t file it on time or wanted a correction after filing.
More than 72 lakh people filed their IT returns on July 31, the final day for filing, bringing the total to 5.83 crore.
Under the previous scheme, one could file the late return for FY2021-22 by March 31, 2023. But due to amendments in Budget 2021, it was extended till December 31, 2022.
Penalty For Late Filing
According to the changed rules under Section 234F of the I-T Act, 1961, the penalty for late filing income tax returns is Rs 5,000. However, for small taxpayers whose income is less than Rs 5 lakh, the penalty is Rs 1,000.
Besides, you will have to pay interest at the rate of one per cent for every month or part of a month on the remaining unpaid tax under Section 234A of the I-T Act, 1961.
But do note that one cannot file an income tax return if one hasn’t paid any taxes. Also, the penalty is calculated from the date immediately after the due date.
How to File ITR If You Missed The Deadline
According to Deepak Jain, chief executive at TaxManager.in, a tax e-filing and compliance management portal, the process of filing ITR after missing the deadline is the same. But one must keep in mind to select the relevant form and the correct assessment year.