Income Tax Return Last Date Tomorrow: Have you filed your Income Tax Return (ITR) for the Financial Year 2021-22 or Assessment Year 2022-23? If you don’t hurry, be ready to pay the fine. However, if you miss the July 31 deadline, you can still file the return till December 31, 2022. Now the deadline is July 31, 2022 (tomorrow).
Not only late fees, but missing deadlines will have some other financial consequences as well. There are many other implications of missing deadlines besides late fee charges. If you miss the deadline, you will have to pay interest on late payment of taxes.
For taxpayers whose annual income is up to ₹5 lakh, the late fee is ₹1,000. If your annual income is more than ₹5 lakh then the late fine is ₹5,000. However, if your gross total income does not exceed the basic exemption limit, you will not be liable to pay penalties for late filing.
You can only collect the outstanding tax if you file the return before the due date. However, if you miss the deadline, you will have to deposit the outstanding tax with interest retrospectively from July 31. If the outstanding amount is paid after the 5th of any month, then interest for the entire month is to be paid at the rate of 1 per cent per month.
The basic exemption limit depends on the income tax regime you choose. Under the old income tax regime, the basic tax exemption limit for taxpayers below 60 years of age is ₹ 2.5 lakh. The basic exemption limit has been fixed at ₹ 3 lakh for people in the age group of 60 to 80 years. For people above 80 years of age, the exemption limit is Rs 5 lakh.
Under the new concessional income tax regime, the basic tax exemption limit is ₹ 2.5 lakh, irrespective of the age of the taxpayers.
notice for mismatch
As per Income Tax Law, business loss (other than speculative business) can be adjusted against any head of income except income from salary. Any unadjusted loss can be carried forward for the eight financial years immediately following the current financial year and adjusted against any business income as prescribed. For example, business loss incurred in financial year 2020-21 can be adjusted against business income in financial year 2021-22 and subsequent years. You may get a notice from the Income Tax Department for non-filing or mismatch.
Gross total income means the total income after taking into account deduction u/s 80C to 80U of the Income Tax Act.