Last Chance to File Income Tax Return: Belated ITR can be Filed upto this date for FY22; Know How much Fees to be paid?

The Last Date for filing Income Tax Return (ITR) for the financial year 2021-22 is July 31, which is gone. But there are many people who have not been able to file ITR. If you haven’t filed it yet, you can file ITR (belated ITR) till December 31, 2022, with late fees.

According to the income tax rules, if someone misses the deadline for filing an income tax return, he can file a belated ITR if there is a delay. This means that if someone does not file an ITR by July 31, 2022, he will have to file a late ITR, the deadline for which is December 31.

How much late fee will have to be paid?

Failure to file ITR by the time prescribed under Section 139(1) of the Income Tax Act attracts a penalty under Section 234F. Belated ITR can be filled by December 31, 2022, with a fine of Rs 5,000.

On the other hand, if the total income of the taxpayer is Rs 5 lakh or less, then he will have to pay a fine of Rs 1,000 only.

If the income is less than 2.50 lakhs, the return can be filed without penalty.

Revised ITR also till 31st December

Similarly, if one has made any mistake while filing ITR, he/she can rectify the mistake by filing Revised ITR. The last date to file both these types of ITR is December 31, 2022, and it is for the financial year 2021-22.

Notice may come if ITR is not filed by December 31

If you are required to file an income tax return and fail to do so by December 31st, the Income Tax Department may give you notice. If this is the case, you should file your ITR by December 31 to stay out of trouble.

What is a belated and revised return?

Belated returns are filed after the end of the original deadline for filing returns for a financial year. For this the taxpayer has to pay penalty. Revised return is filed when a mistake is made while filing the original return. Belated ITR is filed under section 139(4) of the Income Tax Act, 1961. Whereas, Revised ITR is filed under section 139(5).

Benefits of Filing Income Tax Return

Even if you are not subject to income tax, you should still file the return. If you file an ITR, you will receive numerous benefits.

Following are the ITR Filing Benefits:-

To claim tax refund: It is necessary to file ITR to claim tax refund. When you file ITR, the Income Tax Department assesses it. If refund is made, it is directly credited to the bank account.

Required for Visa: Many countries’ visa authorities require an ITR of three to five years. They check the financial status of the person who wishes to visit their country using ITR.

Proof of income remains: When you file an ITR, you will receive a certificate. When an ITR is filed, it is accompanied by Form 16, which is available from the employer. In this manner, an officially certified document proving the person’s fixed annual income of Rs. Obtaining a registered proof of income aids in the verification of a credit card, loan, or personal credit.

Ease of getting bank loan: The ITR is proof of your income. It is accepted as proof of income by all government and private institutions. If you file your ITR on a regular basis, you will find it easier to obtain a loan from a bank.