Due Date To File Income Tax Returns 2022-23
The due date to file Income Tax Returns (ITR) for the financial year 2021-22 is July 31. But what happens if you fail to file the ITR before July 31.
Those Who missed the Deadline…
Taxpayers who miss the due date will still be able to file their ITR. The last date for them is December 31 but You will have to pay a fee.
According to Section 234A of the Income Tax Act of 1961, any delay after July 31 may result in interest being charged on the unpaid tax.
What is the Fine for Late Tax Payers?
For taxpayers with a yearly income up to Rs 5 lakh, there is a Rs 1,000 late fine and if income is more than Rs 5 lakh the late fine is Rs 5,000.
Who are Exempted of Late Fine?
Taxpayers with annual incomes under Rs. 2.5 lakh are exempt from paying late filing fines.
Interest For Missing Deadline
If you don't pay your taxes until July 31, 2022, interest at the rate of 1% will be added to the unpaid balance.
Carry Forward Of Losses Not Allowed After July 31
Any loss under the ‘business income,’ ‘capital gains,’ or ‘housing property’ headings that exceeds Rs. 2 lakh cannot be carried forward.
What happens if you miss Last Date?
If you miss the deadline of December 31, you will need to submit an appeal for condonation with the commissioner of income tax of your ward in order to get a refund and losses carried forward.