We can still file Income Tax Return for FY 2021-22 (AY 2022-23)

If you fail to file your return of Income within due date 31^st July 2022, and question in your mind that can you file it or not? The answer to this question is YES. Under section 139(4) a belated return can be filed.

The due date for filing income tax return for corporate assesses and other assesses who are required to get their accounts audited under Income Tax Act 1961 or under any other law for the time being in force is 30th September and for others it is 31st July every year as have been prescribed u/s 139(1).

For a layman especially when he is under no obligation to get his accounts audited under Income Tax Act or under any other law and you miss the deadline of 31st July 2022, you can still file the ITR by 31st December 2022. However, you will have to pay a late fee.

For assesses with a yearly income upto Rs.5 Lakh, it is Ra.1000/- and for assesses with yearly income more than Rs.5 Lakh late fee is Rs.5000/-. No late fee for the assesses If his total gross income is less than basic exemption limit.

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. Under the new 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

Missing deadlines have several consequences in addition to the late fees. If assesses miss the deadline, he will have to pay interest on the late tax payment, he can not can not carry forward the losses.

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Writer is certified and authorized Tax Return Preparer of Income Tax Department of India, Currently he is Managing Director and Founder of ARS Solutions.

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