ITR deadline: Income Tax Return filing's last date was July 31, 2022 for the year 2021-2022. Though in the past couple of years, the government pushed the deadline further due to Covid, however, this time, the Centre didn't consider extending the deadline. So, if you have missed the deadline to file your income tax return, these are the options that await you:
- You can still file the ITR by paying late fine of Rs 5000, liable for taxpayers with above Rs 5 lakh per annum income.
- You can still the ITR by paying late fine of Rs 1,000, liable for those taxpayers with less than Rs 5 lakh per annum income.
- One can file belated ITR till December 31, 2022, i.e 5 months extension period including the fine amount.
- However, if you even miss the December 31, 2022 deadline, then the fine amount will be doubled for those having annual income over Rs 5 lakh per annum.
- One can also revise the belated ITR if a mistake has been discovered but it should be done on or before December 31, 2022.
- One will not be able to carry forward Capital Gains loss.
Over 63.47 lakh income tax returns were filed till 10 pm on Sunday, the last day for filing ITR for the 2021-22 fiscal by salaried individuals, the Income Tax department said.
The deadline for filing I-T returns by those taxpayers who do not have to get their accounts audited for the fiscal that ended on March 31, 2022 was Sunday.
Till July 30, more than 5.1 crore tax returns were filed.
Taking the 63.47 lakh returns filed on the last day, the total number of ITRs for the 2021-22 fiscal filed till 10 pm went past 5.73 crore.
ITR filing will go on till midnight, after which the tax-return filers will have to pay a late fee for delayed filing.
Giving statistics of the Income Tax Returns (ITR) filed on Sunday, the I-T department tweeted: "63,47,054 #ITRs have been filed up to 2200 hours today and 4,60,496 #ITRs filed in the last 1 hr."
In the last fiscal (2020-21), about 5.89 crore ITRs were filed by the extended due date of December 31, 2021.
Over the last one month, the I-T department has been nudging the taxpayers to file their ITRs for the 2021-22 fiscal to avoid the levy of the late fee.
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