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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.
