IT Return: If someone misses filing income tax return even before the deadline of 31 December, then he may get a notice from the Income Tax Department.
IT Return Notice: If you have already missed the July 31, 2022 deadline for filing Income Tax Return, then you will have to file belated Income Tax Return (ITR) by December 31, 2022. This deadline is important as it is the last chance to file. ITR for FY21-22 is also for those who filed their original ITR on time but need to revise it due to some mistake or omission. December 31, 2022 is the last date for filing revised returns or delayed returns for the financial year 2021-22. If someone misses filing Income Tax Return even before the deadline of 31 December, then he may get a notice from the Income Tax Department. On arrival of the notice, you may have to pay a heavy fine, even you may have to go to jail.
Explain that the return of income that is submitted after the due date is called belated return, it also attracts late filing fee under section 234F of the Act. A late filing fee of Rs 5,000 will be charged if the total income of the taxpayer is more than Rs 5 lakh and Rs 1,000 if the total income of the taxpayer is less than Rs 5 lakh. Yeshu Sehgal, head of tax markets at tax and consulting firm AKM Global, says that in case of delayed returns, the loss of previous years is not allowed to be carried forward.
Will not be able to claim TDS refund
If one misses the deadline of 31st December 2022, he/she will not be able to file ITR for FY 2021-22, unless notice is received by the Income Tax Department for filing ITR. Also, TDS refund claim for this year will not be possible after this deadline. If you suffer any loss from the house property, you will not be able to carry it forward.
Required to e-verify the return
Delayed or revised ITR Form 26AS for FY 2021-22 needs to be filed on or before December 31 after considering AIS (Annual Information Statement) and TIS (Tax Information Summary). Make sure you consider all the income mentioned in these statements. It is also important to e-verify your return within 30 days of filing ITR, earlier the deadline was 120 days, which has now been reduced to just 30 days.
Will have to pay 50% additional tax
If someone wants to update the previous return, he can do it after 31st December. However, in case of loss or refund, an updated return cannot be filed. The deadline for filing updated returns for FY 2021-2022 is from January 1, 2023 to March 31, 2024, with an additional tax of 25 per cent, and 24 months from the end of the relevant assessment year. That is, by March 31, 2025, returns can be filed with 50 percent additional tax.
