There is a chance to file returns even after missing the ITR filing deadline. You can file under the belated ITR rules. However, for this you will also have to pay a penalty.
Income Tax Return: The last date for filing Income Tax Return i.e. ITR (Income Tax Returns) for the assessment year 2021-22 was 31 December 2021, which has now passed. If you have not filed your ITR till this date, then there is no need to panic. You can still file your ITR.
There is an opportunity to file returns even after missing the deadline for filing ITR for any financial year. You can fill belated ITR for this. However, for this you will also have to pay a penalty. The last date to file belated ITR for the financial year 2020-21 is 31 March 2022.
5 thousand will have to be fined
According to the Income Tax rules, late fee has to be paid under section 234F of the Income Tax Act if the return is not filed within the stipulated time for any year. This late fee can be up to Rs 5,000. Under the rule, the belated ITR can be filed till March 31, 2022 with a penalty of Rs 5,000. If the total income is Rs.5 lakhs. exceeds Rs.1,000 only, the taxpayer will have to pay a fine of ₹1,000 only. However, there will be no late fee for those who fall in the income exemption limit (Rs 2.50 lakh).
What if I made a mistake in filing the return?
Those who have already filed their ITR, but if there is any lapse while filing the return, they can file Revised ITR. The last date to file revised or revised income tax return for the financial year 2020-21 is also 31 March 2022. You can also file a revised return for the default in the belated ITR return. But since the deadline for filing both belated and revised tax returns for the financial year 2020-21 is March 31, 2021, the revised returns will not be filed for the last-minute belated returns.
The date was extended twice
The IT department said on Saturday that around 5.89 crore income tax returns were filed for the financial year 2020-21 on the new e-filing portal till the December 31 deadline. Out of this, more than 46.11 lakh ITRs were filed on the last date or December 31. Earlier, due to the second wave of Corona, the last date for filing returns for the financial year 2020-21 was extended to 30 September 2021. Later it was extended till 31 December 2021 due to complaints of technical glitches in the IT portal.
