Did you miss the I-T Returns deadline? Here’s how you can still file it
As many as 67,97,067 Income Tax (I-T) Returns were filed till 11 pm on Sunday (July 31), the last date of the filing of I-T returns for salaried individuals for the Assessment Year 2022-23 (FY 2021-22).
The I-T department tweeted that as many as 4,50,013 I-T Returns were filed in the last hour itself.
More than 5.10 crore ITRs were filed till July 30.
Unlike earlier, the government did not extend the deadline for the filing of ITRs, which means defaulters will now have to pay fine while filing their returns after the prescribed deadline.
Corporates and businesses who are required to show the audit of their accounts, however, can file their I-T Returns by October 31, 2022.
What will happen to salaried defaulters?
Salaried individuals who have not filed their ITR yet, will be allowed to file it under ‘belated ITR’ for FY 2021-22 albeit along with a fine imposed under Section 234F of the IT Act.
The last date of filing the ‘belated ITR’ is December 31, 2022. Defaulters will have to pay a penalty of ₹5,000 if their annual income is above ₹5 lakh, and a penalty of ₹1,000 if the annual income is below ₹5 lakh.
The penalty rules have changed for the current financial year. Earlier if the ITR was filed after the due date, but before December 31 of the AY, a penalty of ₹5,000 was levied. A penalty of ₹10,000 was levied if the ITR was reported after December 31, but before March 31 of the AY.
However, the deadline for filing belated ITR has been changed to December 31 for FY 2021-22.
Under Section 234A of the IT Act, a person who fails to file the ITR by the due date and has a tax amount that is yet to be paid will be levied an interest on the outstanding tax amount at ₹1 per cent per month from the said due date.
Also, if an individual with taxable income fails to file ITR or has underreported his or her income in the ITR, will be asked to pay 50 per cent of the total tax payable on the income on which no return was shown, the I-T Department has said.
