Tomorrow is the last date to file your ITR: What happens if you miss it

New Delhi, July 30: The last date to file income tax return (ITR) for the financial year 2021-22 is tomorrow, July 31 2022. It is a good idea to file it before the last date. However if you miss filing it, then what happens.

If you miss the deadline of July 31, then you can still file it by December 31 2022. However you will have to pay a late fee and it could have some financial consequences.

The late fee for those whose annual income is up to Rs 5 lakh is Rs 1,000. If you annual income is above Rs 5,000 then the late fee is Rs 5,000.

The Central Board of Direct Taxes (CBDT) on Tuesday extended the due dates for Income Tax Return (ITR) filing for certain category of taxpayers for the financial year 2020-21 "on consideration of difficulties reported by taxpayers and stakeholders due to Covid and in electronic filing of various reports", said the Ministry of Finance in a statement.

The due date of furnishing of Report of Audit under any provision of the Act for the Previous Year 2020-21, which was 30th September, 2021, in the case of assessees referred in clause (a) of Explanation 2 to sub-section (1) of section 139 of the Act, as extended to 31st October, 2021 and 15th January, 2022 by Circular No.9/2021 dated 20.05.2021 and Circular No.17/2021 dated 09.09.2021 respectively, is further extended to 15th February, 2022, the statement added.

The due date of furnishing of Report of Audit under any provision of the Act for the Previous Year 2020-21, which was 31st October, 2021, in the case of assessees referred in clause (aa) of Explanation 2 to sub-section (1) of section 139 of the Act, is extended to 15th February, 2022;

The due date of furnishing of Report from an Accountant by persons entering into international transaction or specified domestic transaction under section 92E of the Act for the Previous Year 2020-21, which was 31st October 2021, as extended to 30th November, 2021 and 31st January, 2022 by Circular No.9/2021 dated 20.05.2021 and Circular No.17/2021 dated 09.09.2021 respectively, is further extended to 15th February, 2022;
The due date of furnishing of Return of Income for the Assessment Year 2021-22, which was 31st October, 2021 under sub-section (1) of section 139 of the Act, as extended to 30th November, 2021 and 15th February, 2022 by Circular No.9/2021 dated 20.05.2021 and Circular No.17/2021 dated 09.09.2021 respectively, is further extended to 15th March, 2022;

The due date of furnishing of Return of Income for the Assessment Year 2021-22, which was 30th November, 2021 under sub-section (1) of section 139 of the Act, as extended to 31st December, 2021 and 28th February, 2022 by Circular No.9/2021 dated 20.05.2021 and Circular No.17/2021 dated 09.09.2021 respectively, is further extended to 15th March, 2022, the statement added.