The due date for filing Income Tax Return (ITR) was 31st July 2022 in the case of Individual Taxpayers, However, if you have missed the deadline, the Last date for Filing ITR is u/s 139(5) is 31st December 2022. The Return that you will file now is the belated return.
Late Fees to be levied:
Late fees of Rs. 5000 will be levied u/s 234F if you file the ITR Now along with interest on the late deposit of Income Tax. However, to rescue small Tax Payers, the late filing fee will not exceed Rs.1,000 if the total income does not exceed Rs.5 lakh.
Also, No Late Fees will be levied, if you were not required to File Income Tax Return as per the Income Tax Act.
What if you miss the deadline of 31st December?
If an individual misses this deadline as well, then he/she will not be able to file a Return of Income unless the income tax department sends a tax notice.
Please note that if you have any Tax Credit or Refund of Tax Paid, You can claim it only if you file your ITR.
How to Pay Late fees?
The late filing fee/penalty of filing belated ITR is payable using challan number 280. The payment can be made online on the NSDL website or by visiting the bank branch.
Filed the Return, but not verified the same!
After filing the ITR, the return has to be verified by the Taxpayer. Earlier the time for verification was 120 Days. But, vide Notification No. 5/2022 dated 29.07.2022, w.e.f. 01/08/2022 the time limit for e-verification or submission of ITR-V shall be 30 days from the date of filing the return of income.
However, where the return is filed on or before 31.07.2022 the earlier time limit of 120 days would continue to apply.
ITR Not verified means no ITR Filed!
If the ITR is not verified within the stipulated time then the filed return is treated as invalid.
In case a person fails to verify the return within the stipulated time, he/she may file a condonation request stating the reason for the delay with the Income Tax Department.
