ITR Filing due date today: What happens if you miss today’s deadline?
ITR filing last date: December 31st, 2021 is the last date to file income tax returns for Assessment Year 2021-22. According to details shared by the government, more than 5.5 crore ITRs for AY 2021-22 have been filed up to 11.30 am this morning. Here we highlight what happens in case you don’t file your ITR on or before the due date of Dec 31, 2021.
Penalty for late filing: In case you fail to file your tax returns before the due date of 31st December 2021:
- You will have to pay a fine of Rs 5,000, in case the taxable income exceeds Rs 5 lakh.
- The late fee will be Rs 1,000 in case the taxable income is below Rs 5 lakh.
- Certain benefits such as carry forward of losses, interest on the excess tax paid etc. will also have to be foregone.
- ITR Filing Due Date: Over 4 Crore People Have Filed ITR. What Happens If You Don't
- If the tax paid is lower than your income tax liability
When is the last date to file your taxes (in case one misses today’s due date)?
While the due date to file ITR is 31st December 2021 for AY 2021-22, the last date to file ITR is 31st March 2022. You will still be able to file your taxes in case you miss today’s deadline, by paying the applicable fine.
What happens if the taxpayer misses the deadline for the last date of 31st March 2022?
In this case, the income tax department can levy a minimum penalty of up to 50% of the tax. This is in addition to the income tax and interest liability till the date the tax is filed.