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ITR Filing AY 2022-23: What happens in case you miss to file your ITR by July 31? Know about late fee, penalty

ITR Filing for AY 2022-23: The last date for filing income tax returns (ITRs) for the financial year 2021-22 (FY22) is Sunday, July 31, 2022. This means that those taxpayers whose accounts do not require to be audited have only got four days to file their ITRs.

Last week, Revenue Secretary Tarun Bajaj said that the government is not considering an extension of the last date for ITR filing as it expects most returns to come in by the due date.

Throughout this month, the Income-Tax (I-T) Department has been urging taxpayers and issuing them repeated reminders across various platforms such as SMS, emails, social media, etc, to file their ITRs at the earliest and not wait for the last date.

According to the recent data shared by the I-T Department, over 3 crore ITRs have been filed for Assessment Year (AY) 2022-23 so far.

With that being said, what happens if someone misses the deadline?

Since the government has made it clear the last date will not be extended this year, anyone missing the July 31 deadline may file their ITR after paying a late fee of up to Rs 5,000 by the end of December.

According to section 234F of the Income Tax Act, filing the ITR past the due date can attract a late fee of Rs 5,000 for people having an annual income of over Rs 5 lakh if they file their ITR by December 31 of the Assessment Year. This will rise up to Rs 10,000 if the ITR is filed after December 31st but before March 31 of the Assessment Year.

Separately, section 234F also states that individuals who have an annual income below Rs 5 lakh will be liable for a late fee of Rs 1,000.

This apart, if a person fails to file ITR within the due date and has an outstanding unpaid tax, then as per Section 234A of the I-T Act, interest on the outstanding tax amount is charged at 1 per cent per month since the prescribed due date.




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