Last Date of Filing ITR 

It is most important to make sure that you file the Income Tax Return on time or before the deadline which is set by the Central Government for avoiding the late filing fee. According to section 234A of the Income Tax Act, 1961 if taxes are paid after the deadline of filing the ITR has expired then a penalty can be imposed. However, it is important that the last date of filing Income Tax Returns is diverse for different taxpayers. According to the Current Income tax law, ITR Filing by the Individual and Hindu Undivided Families before the Last Date is 31st July which is extended by the Government. The last date of filing the Income Tax Return of 31st July is applicable only to those taxpayers whose accounts are not required to be audited. 

Last date of filing ITR for different categories of taxpayers

Taxpayers must understand the concept of the relevant financial year and assessment year for filing the ITR. Financial Year means the year in which the income is earned by the taxpayer. Assessment year means the year following the financial year in which the income earned by you is assessed. Assessment year in which filing the ITR for the financial year has gone by. This year filing the Income Tax Return for F.Y. 2021-2022 or A.Y. 2022-23.

Consequences of missing ITR filing deadline

New Income Tax Laws allow the Individual to file the ITR even after the expiry of the deadline or after the last date. If ITR is filed by an individual and other entities after the deadline is called belated ITR. There are pecuniary consequences for filing the belated Income Tax Return. 

If ITR is filed by the Individual after 31st July then he will be paid a late fee of Rs.5, 000 under section 234F. If ITR is filed by a small taxpayer whose income does not exceed Rs. 5Lakh after the deadline then he will be paid a penalty of Rs.1, 000. In Budget 2021, the govt. has decreased the time limit of filing the belated or revised ITR by three months earlier from 31st March to 31st December.

Hence if ITR is filed after the last date of 31st July 2022 is missed then you can file a belated ITR till 31st December 2022 (F.Y. 2021-22).

According to section 234A of the Income Tax Return, ‘A part from late filing an interest penalty may also be levied. If an individual pays his or her self-assessment tax dues after 31st July or after the expiry date of the ITR filing deadline then may be paid an interest penalty. Section 234B and 234C may be applicable as well given advance tax dues are pending at the time of filing the ITR.

Exemption from paying penalty on belated ITR

According to the new income tax laws, certain individuals are exempted from paying a late filing fee even if they file belated ITR. If an individual's gross total income does not exceed the basic exemption limit then he/she will not be liable to pay the late filing fees if he/she files a belated ITR. The basic exemption limit which is depends upon whether an individual for the old tax regime or the new income tax regime. If a resident individual has income from foreign assets and he files belated ITR then a late filing fee will be levied even if gross total income does not exceed the tax exemption limit.

Conclusion 

It concluded that you file the Income Tax Return on time or before the deadline which is set by the Central Government for avoiding the late filing fee. According to section 234A of the Income Tax Act, 1961 if taxes are paid after the deadline of filing the ITR has expired then a penalty can be imposed. According to the Current Income tax law, ITR Filing by the Individual and Hindu Undivided Families before the Last Date is 31st July which is extended by the Government. The last date of filing the Income Tax Return of 31st July is applicable only to those taxpayers whose accounts are not required to be audited. If ITR is filed after the last date of 31st July 2022 is missed then you can file belated ITR till 31st December 2022 (F.Y. 2021-22).

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Author:

Radhika Punani
Ambala
I am Radhika from Ambala city. I qualified LLM from Kurukshetra University and B.A.LLB from Maharishi Markandeshwar University