New Delhi: The last date to file the income tax returns (ITR) for the financial year 2021 was December 31, 2021. Most taxpayers who failed to file ay the tax returns on due time will now have to pay a penalty for filing the ITR for the assessment year 2020-21 after missing the December 31.
However, a few taxpayers are exempted from paying a late fee for filing tax returns post-deadline. For these exempted taxpayers, the last date to file the late tax return for FY21 is March 31 2022 to avoid penalty.
Are you exempt from paying a penalty for filing belated ITR?
The Income Tax Department advises taxpayers to file their income tax returns by the due date. However, if you missed the deadline, you can still file the ITR, possibly without any late fee as well.
You can file the tax returns both online and offline. Till the last assessment year, a taxpayer was fined a penalty of up to Rs 10,000 for failing to file the returns by the due deadline. But for the assessment year 2020-21, the maximum penalty has been capped at Rs 5000 for filing ITRs post-December 31, 2021, but before March 31.
If you earn less than Rs 5 lakh, then there is a penalty of Rs 1,000. However, if your income doesn’t fall in the taxable category, you don’t have to pay any penalty on filing tax returns after the deadline. However, the rule is subject to exceptions. Also Read: ICICI Bank revises credit card charges, late payment fine now up to Rs 1,200
How to file Belated tax returns?
Belated Return is the ITR filed by a taxpayer after missing the due deadline. Taxpayers file a belated return under section 139(4) of the income tax Act. The process of filing belated tax returns is similar to filing the usual ITRs - select the applicable ITR form and fill in the required information online or offline. Also Read: OnePlus 10 Pro launch next week, smartphone likely to feature dual-curved screen: Report
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