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How to file ITR if you miss July 31 deadline: Penalties and what you need to know

Filing of Income Tax Return (ITR) for AY 2021-22 is July 31. If you are among those who waited for the last date despite repeated reminders by the Income Tax (IT) department and could not file returns due to some unforeseen reasons, then you need not worry. You still have time to file your ITR by December 31, 2022, but this time you will have to pay the penalty. Miss the date again and you could go to jail.

Those who missed the July 31 deadline for filing ITR can still file a late ITR by December 31 but with a late fee. The Indian government has rejected a proposal to extend ITR filing deadlines this year, so you’ll have a second go at it with some financial consequences. As per Section 234F of the Income Tax Act, 1961, the taxpayer has paid Rs. Rs. A fine of up to 5,000 for delay of ITR.

The process of filing a late ITR is the same as filing a regular ITR. However, before you start filing the late ITR, one needs to pay the late filing fee, which can be paid online by using Challan No. 280. NSDL Website or by visiting a bank branch. As per the law, late filing fee on persons who file late ITR is Rs. 5,000 is levied, the total income of which is Rs. 5 lakhs. The total income is Rs. Rs. For those who do not exceed. 5 lakhs and late filing fee of Rs. 1,000.

Further, people who miss even this date cannot file ITR unless the IT department sends a tax notice. Those who file ITR after December 31 will have to pay double penalty ie Rs. 10,000 after notice from the Income Tax Department. They are also likely to be jailed for 6 months to 7 years. Apart from late fee, taxpayers are also liable to pay interest on late payment of taxes.

Some taxpayers with income below the basic exemption amount are exempt from the penalty. These are as follows:

1.) Below 60 years and gross annual income of Rs. 2.5 lakhs

2.) Above 60 years of age but below 80 years of age and gross annual income of Rs. 3 lakhs

3.) Above 80 years and gross income Rs. 5 lakhs.

To avoid all the hassles, we recommend filing your ITR before the next due date. To file, identify four types of ITR form to file ITR.


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