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What happens if you don't fill your income tax return by the deadline?

The due date for filing an income tax return for the year 2022 is fast reaching its deadline, i.e., on 31st December 2021 which has caused a hurry among the general taxpayers.

As stated by tax and investment experts, the date for filing ITR for the year 2021-22 is due on 31st March 2022, the last date for ITR filing is 31st December 2022.

There is, however, a catch for individuals who file their ITR after the deadline. They won't be able to carry forward any losses from the previous year, and they won't be able to offset current-year income. Aside from that, the taxpayer will be deprived of some benefits, such as the ability to carry forward losses and interest on excess tax paid.

If any loss incurred under the business income or captain gains or loss beyond Rs 2lakh under the house property head cannot be carried forward to the subsequent year.

Individuals who miss filling the ITR on the due date were not able to meet their losses for the next year.

Another thing that taxpayers should be aware of is that if they are entitled to a refund for the extra taxes paid during the time of delay, they may not be eligible for interest. This is because if the due date is missed the delay will be attributed to the taxpayers.

If the taxable income is greater than the 5,00,000 people who fall to file their taxes but the due date will be required to pay a fine of Rs 5000 while filling their ITR if your taxable income is less than Rs 5,00,000 you will be charged a late fee of Rs 1000.

Also if the Candidate fails to fill his/her ITR by the extended last date that is 31st March the income tax department can even change a minimum penalty that equals 50percent of the taxes which have been avoided by not filling the ITR.

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Tags: #ITR#taxpayers


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