- Date : 26/07/2022
- Read: 3 mins
The deadline for filing your income tax returns is July 31st, 2022. It’s high time you file the returns to avoid paying interest and late fees. Read on to find out more.
Have you received the reminder from the Income Tax Department to file your returns for the Assessment Year 2022-23 (Financial Year 2021-22) yet?
If not all, most of you would have definitely received at least one reminder by now.
What is the deadline to file your income tax returns?
Well, if you haven’t yet filed your income tax returns yet, then HURRY UP! The due date to file your returns is July 31st, 2022, and it is fast approaching!
The Ministry of Finance, with the combined efforts of the Income Tax Department, have been working together to simplify the procedure of filing income tax returns.
Confused if it is mandatory for you to file your income tax returns? Click here to know the answer.
What happens if you miss the ITR deadline?
Despite all your efforts, if you miss the deadline, then interest will be levied under section 234A of the Income Tax Act, and late fees will be levied under section 234F of the Income Tax Act.
An interest of 1% per month or part of a month will be charged on the taxes payable under section 234A in case you have failed to pay the tax payable by the deadline. However, you don’t have to worry much if you have paid the taxes by the deadline, that is, July 31st, 2022, but have failed to file the return.
Does that mean you only have to pay taxes by the deadline, and the ITR can be filed later?
No. Even if you have paid the entire sum payable as tax by the deadline but have failed to furnish the returns, a late fee of ₹5,000 will be charged as per section 234F. If your total income computed does not exceed ₹5,00,000, then the levy of the late fee would be ₹1,000 instead of ₹5,000.
Want to file your returns but are confused about which form is applicable to you? Click here.
Can you still file your ITR after the deadline?
Yes, in case you missed filing your income tax returns within July 31st, 2022, you can still go ahead and file a belated return within December 31st, 2022. However, as mentioned above, late fees and interest shall be applicable in this case.
While it is possible to file your returns past the deadline, you must remember that furnishing belated returns will attract penalties. So, the sooner, the better! Head to the income tax portal now and file your income tax returns, or you could take the help of a tax professional if needed, but do file the returns by July 31st, 2022.
You could also read our article on computing taxable income for assistance.
Disclaimer: This blog is just for education purposes and should not be considered a piece of expert advice. All finance schemes are subject to market risk. Hence investments should be made at your own risk.