Last day for filing income tax return: Here's how much you will be fined if you miss due date

The deadline for filing income tax return (ITR) for the fiscal year 2021-2022 was 31 July. However, a lot of people were having trouble filing their tax returns and may not have been able to do so timely. If you haven’t filed your ITR already, then you can do so until 31 December 2022. You will have to pay a late fee for filing the belated tax returns. Belated returns are referred to the income tax returns that are filed after the original deadline for filing ITR for a fiscal year has passed. In this case, the taxpayer is penalised. On the other hand, a revised return is filed when an error occurs at the time of filing initial return. The deadline for submitting revised ITR is also 21 December. The filing of late ITRs has been specified under Section 139(4) of the Income Tax Act of 1961. On the other hand, the revised ITR is submitted according to section 139 (5). One can file the revised return three months prior to the end of the concerned relevant assessment year or before the completion of assessment, whichever is earlier. How much late fee do you need to pay? According to Section 139(1) of the Income Tax Act, failure to file an ITR by the deadline will lead to a penalty under Section 234A. Late ITR filings can be done with a late fee of Rs 5,000 by 31 December 2022. However, taxpayers with a total income of Rs 5 lakh or less will only need to pay a fine of Rs 1,000. No penalty will be charged in case the individual’s revenue is below Rs 2.5 lakh. The Income Tax Department may give you a warning if you need to file an income tax return and do not do so till 31 December. Filing revised ITR Also, in case a taxpayer has filed an incorrect ITR, he/she may fix it by filing a revised ITR. Both the ITR forms must be submitted by 31 December. The filing process of a revised ITR is the same as filing an original one. You need to file a revised ITR under the Section 139(5) of the Income-tax Act. It should be noted that no limit has been set for the number of times you can file a revised return. Read all the Latest News , Trending News ,  Cricket News , Bollywood News , India News and Entertainment News here. Follow us on Facebook, Twitter and Instagram.