ITR Due Date Missed: Here is What You Should Know

Last Updated : Dec. 31, 2021, 2:41 p.m.

Wondering to file your IT returns for the AY 2021-22? If you have missed your ITR due date, here is what you should know. You should have the complete information about what will happen if you fail to file your ITR before the due date, i.e., 31st December 2021, for AY 2021-22. To understand this better, you need to know the difference between the ITR due date and ITR last date.

ITR Due Date

According to the experts of tax and investments, the due date to file the IT Returns is 31st December 2021 for AY 2021-22. It is always advisable to file your ITR before the due date. Missing the due date will lead the taxpayer to pay heavy fines.

• For taxpayers having income of more than 5 lakhs –  You will be imposed a flat fine of Rs.5000 if you fail to file your ITR before 31st December 2021.
• For taxpayers having income of less than 5 lakhs – You will be imposed a penalty of Rs.1000 if you fail to file the ITR before the due date.
• Those who do not have any income tax liability but are filing their IT return after the due date – You will also be charged with a fine of Rs.1000.
• Apart from the penalties, you will also lose some tax related benefits such as carry forward of losses. You will not be liable to carry forward the losses under the business income and capital gains head. If you have suffered with any losses from your business or profession, any capital losses, or any other losses except the loss incurred from any house property of up to 2 lakhs, you will be reluctant to carry them forward.
• You will also not be liable for any interest on the additional tax paid by you.

You will be getting the benefit of an ITR refund. However, you will not be getting the benefits of carrying forward your losses. You will also be reluctant to receive any interest on the excess tax. If you want to avail these tax benefits, then you must file your IT Return before the due date.

ITR Last Date

• The last date to file the ITR for FY 2021-22 is 31st March 2022. You can file your ITR after the due date but you will be charged with heavy fines. You will also lose some of the major tax benefits as explained above.
• The ITR that you will file after the due date is termed as the ‘Belated Return’. You can file the Belated Return as per section 139(4) of the Income Tax Act, 1961.
• However, you have to file your ITR for FY 2021-22 before the last date, i.e, 31st March 2022. Failing to do so, the income tax department will impose heavy penalties on you. If you fail to file your returns before the last date, the income tax department can levy you with penalties. The minimum penalty will be 50% of the imposed tax in addition to the required tax (that you are obliged to pay). You will also be required to pay the interest charges. The interest will be computed from the date of notices by the income tax department till the date of filing ITR by the taxpayer.
• In case, the pending tax amount of the taxpayer exceeds Rs.10000. You can be under bars with a minimum imprisonment of 3 years. The maximum imprisonment will be 7 years, as per the tax laws currently.

If you do not want to get involved in any of these hassles, do file your IT return now. You should always file your ITR before the due date to avoid paying any penalties. Enjoy the major tax benefits by filing your ITR before the due date.