Missed ITR 2021-22 deadline? Here’s what to do NOW!

The INCOME TAX RETURN (ITR) deadline was July 31st. By that day, you were supposed to announce to the government, the income from the previous year, and the taxes due on it.  However like every year, there are tons of people who fail to make the deadline. So what to do now?

Well there is an extended deadline till December 31st that you should try to meet, to prevent potentially getting into legal trouble.

This deadline however comes with the caveat of having to pay a penalty as recompense for failing to file it before the original deadline, the amount of which depends on your annual taxable income.

  • If below 2.5 lakh, you don’t have to pay any fee since your income is below the exemption so you don’t even need to file an ITR to begin with.
  • Between 2.5 to 5 lakh, you pay Rs 1000 as a late fee.
  • Above 5 lakh, the late fees extend to Rs 5000.

Before you start filing the belated ITR, you deposit the late filing fees as applicable. The penalty is payable using challan number 280. The payment can be made online on the NSDL website or by visiting the bank branch.

There are also several other disadvantages in filing the ITR between 1st August and 31st December.

  • Interest on dues: The taxpayer is liable to pay interest on the due tax. It is calculated from the last date of filing the ITR. The interest rate stands at 1 per cent.
  • No carry forward of losses: Also, a person filing a belated ITR is not eligible to carry forward the losses they incurred from any capital expenditure etc. However, the loss from the sale of property may still be carried forward.

If you miss this deadline as well, then you will not be able to file the ITR unless income tax department sends a tax notice.

Hence it is generally advisable to file the ITR before the orginal deadline, but if you miss it there are some fallbacks, though at a certain cost.

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