Extension denied,31st July is the last date.
There is no official notice stating that the date filing of Income Tax Return (ITR) is postponed. The last for filing the ITR is 31st July,for the financial year 2021-22 or the assessment year 2022-23.
However a lot of taxpayers have appealed to the government via different methods and platforms for the extension of the filing date. “#Extend_Due_Date_Immediately”, this hashtag was one of the trending ones in Twitter for the extension of due date. But no heed was paid, it’s confirmed that the last date to file ITR is 31st July. If you have already filed the ITR report before 31st July, it’s well and good.
What if ITR is not filed by 31st July?
Though the government decision for the extension stands final, the taxpayers can file the ITR by December 31, 2022. However a late fee will be levied by all those taxpayers who missed the deadline of 31st July, 2022. Moreover, other consequences can be faced by late taxpayers, especially the unwelcome one.
How fine will be levied ?
Taxpayers with an income of 5 l.p.a (lakh per annum), a late fee of 1000 rs will be charged.
If a late taxpayer income is above 5 l.p.a, then he/she should bear a fine of Rs 5000.
Note that no late fee will be charged to those, whose gross income is below the basic exemption amount.
Whatever the basic exemption threshold you select, that would be based on the ITR system. According to the previous ITR system, the basic tax exemption is listed below :
- For below 60 – 2.5 lakhs
- Age 60–80 : Rs 3 lakhs
- 80 above : Rs 5 lakhs
However, the new ITR’s basic tax exemption limit is totally different and independent of age.
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It is 2.5 lakhs for everyone, irrespective of the age of taxpayers.
Besides all this if you want to escape the late fee you are required to file the ITR before 31st July. Missing this will result in a fine along with the tax left, for sure.
The interest for the entire month is finalized at a rate of 1% p.m( per month),if a taxpayer fails to pay before or on the fifth day of any given month.
Mr. Kaushik stated,”If unintendedly a taxpayer fails to pay before or on 31st December,2022. He/she can file an appeal to the commissioner of Income Tax officer of their ward for refund and losses. If the reason is legitimate it will be confirmed.”