For the fiscal year 2021–2022, the deadline to file an income tax return is July 31. However, a lot of people have had trouble filing ITRs. If you haven’t already, you have until December 31, 2022, to fill it out and pay a late fee (Belated ITR).
How much late fee will have to be paid?
The Income Tax Act’s Section 139(1) states that failing to file an ITR by the deadline will result in a penalty under Section 234A. By December 31, 2022, late ITR filings can be made with a 5,000 rupee fee.
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On the other side, the taxpayer will only be required to pay a fine of Rs 1,000 if his total income is Rs 5 lakh or less. There is no penalty for filing the return if the revenue is less than Rs. 2.50 lakh.
The Income Tax Department may provide you with a warning if you are required to file an income tax return and do not do so by December 31. If this is the case, you should file your ITR before December 31 to stay out of problems.
Revised ITR to be filed by December 31
Similarly to this, if someone filed an incorrect ITR, they may fix it by filing a revised ITR. Both of these forms of ITRs must be submitted by December 31, 2022, and they are for the fiscal year 2021–2022.
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What do you mean by a revised and belated return?
Belated returns are those that are filed after the original deadline for filing returns for a fiscal year has passed. The taxpayer will be penalised for this.
When an error occurs during the filing of the initial return, a revised return is submitted. Section 139(4) of the Income Tax Act of 1961 specifies how late ITRs must be filed. The revised ITR is submitted in accordance with section 139. (5).
