ITR Last Date: The last date for filing a late Income Tax Return (ITR) is soon approaching. The last date for the fiscal year 2020-21 (AY 2021-22) is March 31st, 2022.
Due to the Covid-19 pandemic, the due date for filing the late return was pushed back from February 15 to March 31.
Taxpayers must not forget this deadline in order to stay safe from the penalty.
According to a report, if one fails to file the ITR before the deadline, they may be penalized. The penalty may be in the form of a monetary fine or penalty.
What Might Happen If You Don’t File ITR By March 31?
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The IT department has the authority to levy a penalty of up to 50% under Section 270 of the Income Tax Act of 1961.
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In addition to the 50% fine, taxpayers will be required to pay interest on the amount for the number of days till the date of filing ITR.
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Under Section 234 F, a mandatory Rs.5000 fine has to be paid if the ITR is submitted later than December 31, 2021. This is applicable for an annual income of more than Rs.5 lakh.
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For people with an income less than Rs.5 lakh, the fine is Rs.1000.
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Also, in the case of non-filing of the ITR, the taxpayer is not entitled to receive any interest on the refund of excess taxes paid for the delay period.
Belated Return:
An ITR filed after the due date incurs a late charge and is referred to as a 'belated return.' In the case of ITR AY2021-22, the deadline for filing is March 31, 2022.
Like the due date, the last date also got an extension due to glitches in the income tax portal and Covid-19.
Although there are no legal implications that come along with filing belated returns, the process can prove costly as you have to pay a hefty late fee.
