The deadline to submit an income tax return for the fiscal year 2021–2022 is July 31. However, many individuals have had difficulty filing ITRs. You have until December 31, 2022, to complete it and pay a late fee (Belated ITR), if you haven’t already.
How much will the late fee cost?
According to Section 139(1) of the Income Tax Act, late ITR filings can be made with a 5,000 rupee fee by December 31, 2022. Failure to file an ITR by the deadline will result in a penalty under Section 234A.
On the other hand, if the taxpayer’s total income is less than Rs 5 lakh, he will only have to pay a fine of Rs 1,000. If the revenue is less than Rs, filing the return does not carry any penalties. 2.50 lakh.
If you are required to file an income tax return and do not do so by December 31, the Income Tax Department may send you a warning. To avoid issues, you should submit your ITR by December 31 if this is the case.
In a similar vein, if an incorrect ITR is submitted, it can be corrected by submitting a revised ITR by December 31. For the fiscal years 2021–2022, these two ITR forms must be submitted by December 31, 2022.
What exactly do you mean when you say “revised and late”?
Returns that are submitted after the original fiscal year’s end date are referred to as “belated returns.” This will result in a penalty for the taxpayer.
A revised return is submitted whenever an error occurs when the initial return is filed. Area 139(4) of the Annual Assessment Demonstration of 1961 determines how late ITRs should be documented. Section 139 is followed when submitting the revised ITR. 5).
