July 31, the deadline to make Income Tax Return (ITR) Filing for financial year 2021-22 and assessment year 2022-23, is finally here, and this year, the Centre looks in no mood to extend the deadline. The Income Tax department said on Saturday a day before the due date that till 8:36pm, it had received more than 5 crore returns in total, including over 44 lakh on the day itself. Income Tax Return Filing last day today; what happen if fail.
“Please file your your ITR now, if not filed as yet.#FileNow to avoid late fee. Pl visit: http://incometax.gov.in. #ITR,” the department said in a tweet. Meanwhile, senior officials of the finance ministry and the Central Board of Direct Taxes (CBDT) which frames policies for the IT department said they were continuously monitoring the ITR filing exercise. “A ‘war room’ of technical experts working on the e-filing portal and the social media team of the CBDT that is gathering individual and public responses to the filing are working together 24×7,” an official told media.
On July 22, revenue secretary Tarun Bajaj said the central government was not considering extending the due date. “People thought the routine now is that dates will be extended. So they were a little slow in filling the returns. Last time 9-10 per cent or more than 50 lakh returns were filed on the last date. This time, I have told my people to be ready for 1 crore,” Bajaj had said.
If you miss the July 31 deadline, you still have until December 31, 2022, to file the return. However, there will be a late fee. There will be further financial repercussions as well. For taxpayers with a yearly income up to Rs 5 lakh, there is a Rs 1,000 late fine. The late fee is Rs 5,000 if your yearly income exceeds Rs 5 lakh. However, you won’t be required to pay a late filing penalty if your total gross income is less than the basic exemption amount.
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The income tax regime determines the basic exemption threshold you select. For taxpayers under 60, the basic tax exemption ceiling under the older regime is Rs 2.5 lakh. The basic exemption threshold for those aged 60 to 80 is Rs 3 lakh. The exemption threshold for those over 80 is set at Rs 5 lakh.
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Under the new concessional income tax regime, the basic tax exemption limit stands at Rs 2.5 lakh, irrespective of the age of the taxpayers. Gross total income is the amount before any deductions allowed by sections 80C through 80U of the Income Tax Act. Missing deadlines have several consequences in addition to the late fees. If you miss the deadline, you will have to pay interest on the late tax payment.
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