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What Will Happen In Case You Miss December 31, 2021 ITR Filing Deadline?
For most salaried taxpayers and other taxpayer categories whose taxes do not required to be audited, providing relief amid the corona concerns,the date for ITR filing for Fy 21 (Assessment year-2021-22) has been extended to December 31, 2021.
Tax filing dates in a usual scenario
For the salaried taxpayers, usually the deadline is July 31 of the following year for which the accounts or ITR is to be filed and likewise as per the amended laws the last date for filing the ITR is December 31 of the following year.
ITR filing due and last date for taxes for Fy21 or Ay 2021-22
Due date-December 31, 2021
Last date- March 31, 2022
Benefits you will lose out in case you miss ITR filing due date of December 31, 2021
Carry forward of losses shall not be permissible in a case if you miss on the deadline or due date of ITR filing. This is hence crucial in case you have incurred losses in the current year and want the same to be set-off in subsequent years, make it a point to file your ITR at the earliest. The losses can be under heads business income, capital gains or loss from house property.
For any refund amount payable to you due to excess taxes paid you may then be not entitled to the interest on such income for the delayed period.
For lower taxes paid by you, other than the interest payment, you will also have to be paying interest for the delay in filing the ITR. This is even if you have clear the shortfall after the fiscal year ended March 2021.
Late fee payable after missing the due date of filing ITR by Fy 2021/ Ay 2022
For taxable income over Rs. 5 lakh, you will be mandatorily required to pay a late fee of Rs. 5000 in case you miss the due date. And in case it is below Rs. 5 lakh then Rs. 1000 will be charged as late fee.
The late fee is chargeable even in a case when there is no tax liability. This is typically in a case when the gross income exceeds the specified limit but is not over Rs. 5 lakh and hence no tax is payable owing to the section 87 A rebate.
The said penalty may even apply in case the taxpayer has been spending on electricity or foreign travel beyond the stated limits.
