 For individual taxpayers, the last date to file their income tax returns (ITR) for the financial year 2020-21 is today, March 31, 2022. However, such taxpayers will have to pay a penalty of up to Rs 5000 for missing the December 31, 2021, deadline.
The original deadline to file the ITR for FY21 was July 31, 2021. But due to the Covid-19 induced travel restrictions, the deadline was extended to September 31, 2021, and then finally to December 31, 2021.
More than 5.89 crore taxpayers were filed by December 31, 2021, according to the data shared by the Central Board of Direct Taxes (CBDT).
However, taxpayers are allowed to file ITR for FY21 by March 31, 2022, via belated return under the provisions of Section 139(4) of the Income Tax Act. However, such taxpayers could have to pay a penalty of Rs 5000 for late filing ITR under Section 234F of the Income Tax Act. If the income of the taxpayer is less than Rs 5 lakh, he or she will have to pay a fine of Rs 1000 for filing ITR after the deadline.
Here's what happens for missing the late ITR filing deadline:
- If taxpayers miss the late ITR filing deadline, the Income Tax Department can charge them with a minimum penalty that equals 50% of the tax.
Moreover, in extreme cases, such taxpayers can also be punished with a minimum sentence of three years of imprisonment. The maximum sentence is capped at seven years in situations wherein the amount of tax sought to be avoided exceeds Rs 10,000.
- An additional 1 per cent interest per month is levied on the unpaid tax.
Also, taxpayers won't receive any due refund from TDS collection. |
