The due date to file Earnings Tax Returns (ITR) for the financial year 2021-22 is July 31. Many taxpayers confronted several points in contemporary weeks and requires were made to lengthen the ITR due date. On the different hand, the authorities is unlikely to retain out so. Here’s what happens within the event you fail to file the ITR sooner than July 31.
Taxpayers who lunge over the due date will quiet be ready to file their ITR by the closing date or the closing closing date. The closing date is December 31 however there is a bewitch. You cling got to pay a charge.
Any prolong beyond July 31 can appeal to hobby on the tax due, as per Allotment 234A of the Earnings Tax Act of 1961.
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The dumb charge for the taxpayers whose annual profits is up to Rs 5 lakh is Rs 1,000. In case your annual profits is larger than Rs 5 lakh the dumb comely is Rs 5,000. On the different hand, you is more than seemingly now not at risk of pay a penalty in case your noxious total profits doesn’t exceed the basic exemption restrict.
But the basic exemption restrict is dependent on the profits tax regime. Under the contemporary regime, the exemption restrict is Rs 2.5 lakh, irrespective of the age of the taxpayers. So any taxpayer, irrespective of age, who earns lower than Rs 2.5 lakh a year is now not at risk of pay a penalty for dumb filing.
INTEREST FOR MISSING DEADLINE
An hobby of 1 per cent is appropriate on the prominent quantity within the event you don’t pay tax till July 31, 2022. That is irrespective of whether or now not the tax quantity became filed unsuitable or now not.
So, retrospectively from July 31, the taxpayer must deposit the prominent tax alongside with the hobby. Additionally, if the prominent tax is paid on or after the fifth of any month, the hobby for the elephantine month will must be paid.
CARRY FORWARD OF LOSSES NOT ALLOWED AFTER DUE DATE
A taxpayer is more than seemingly now not ready to retain ahead any losses for the new year if the ITR is now not filed by July 31. Subsequently, any loss incurred under the enterprise profits or capital gains or loss beyond Rs 2 lakh under the house property head, can’t