ITR Filing AY 2022-23: What occurs in case you miss to file your ITR by July 31? Know about late price, penalty

ITR Filing for AY 2022-23: The final date for submitting earnings tax returns (ITRs) for the monetary yr 2021-22 (FY22) is Sunday, July 31, 2022. This implies that these taxpayers whose accounts don’t require to be audited have solely bought 4 days to file their ITRs.

Last week, Revenue Secretary Tarun Bajaj stated that the federal government is just not contemplating an extension of the final date for ITR submitting because it expects most returns to come back in by the due date.

Throughout this month, the Income-Tax (I-T) Department has been urging taxpayers and issuing them repeated reminders throughout varied platforms resembling SMS, emails, social media, and so forth, to file their ITRs on the earliest and never look ahead to the final date.

According to the current knowledge shared by the I-T Department, over 3 crore ITRs have been filed for Assessment Year (AY) 2022-23 to date.

More than 3 crore ITRs for AY 2022-23 have been filed on e-Filing portal until twenty fifth July, 2022.
The due date to file ITR for AY 2022-23 is thirty first July, 2022.
We urge you to file your ITR on the earliest, if not filed as but. #FileNow!
Pl go to: https://t.co/GYvO3n9wMf #ITD pic.twitter.com/Kd5GVaeGb2

— Income Tax India (@IncomeTaxIndia) July 25, 2022

With that being stated, what occurs if somebody misses the deadline?

Since the federal government has made it clear the final date won’t be prolonged this yr, anybody lacking the July 31 deadline might file their ITR after paying a late price of as much as Rs 5,000 by the top of December.

According to part 234F of the Income Tax Act, submitting the ITR previous the due date can entice a late price of Rs 5,000 for folks having an annual earnings of over Rs 5 lakh in the event that they file their ITR by December 31 of the Assessment Year. This will rise as much as Rs 10,000 if the ITR is filed after December thirty first however earlier than March 31 of the Assessment Year.

Separately, part 234F additionally states that people who’ve an annual earnings beneath Rs 5 lakh will likely be chargeable for a late price of Rs 1,000.

This aside, if an individual fails to file ITR throughout the due date and has an impressive unpaid tax, then as per Section 234A of the I-T Act, curiosity on the excellent tax quantity is charged at 1 per cent per thirty days for the reason that prescribed due date.