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.
Will have to pay fine up to 5 thousand
As per the Income Tax rules, late fee is payable under section 234F of the Income Tax Act for non-filing of returns for any year within the stipulated time. 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 fine 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 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 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.