This deadline is important since this is the last chance to file ITR for FY21-22, including for those who filed their original ITR on time but need to revise it due to some error or omission.
If you have already missed the July 31, 2022 deadline for filing Income Tax Return (ITR) then you must file a belated income-tax return (ITR) by December 31, 2022. This deadline is important since this is the last chance to file ITR for FY21-22, including for those who filed their original ITR on time but need to revise it due to some error or omission.
“31st December 2022 is the last date for filing of revised return or belated return for FY 2021-22. A return of income that is furnished after the due date is called a belated return, it also attracts late filing fees under section 234 F of the Act. Late filing fees of Rs 5,000 will be charged if the total income of a taxpayer exceeds Rs 5 lakh and Rs 1,000 if the total income of a taxpayer is less than Rs 5 lakh. The carry forward of losses for prior years is not allowed in case of a belated return,” says Yeeshu Sehgal, Head of Tax Market, AKM Global, a tax and consulting firm.
What happens if one misses the deadline of 31st December 2022? “If one misses this deadline then he or she will not be able to file ITR for FY 2021-22 except if the notice is received by the Income Tax Department to file the ITR. Also, claiming of TDS refund for this year will not be possible after this deadline. If you have any losses from house property then you will not be able to carry forward the same,” says Abhishek Soni, Co-founder & CEO – Tax2Win, an income tax filing portal.
Importantly, belated or revised ITR for FY2021-22 needs to be filed on or before 31st December after considering Form 26AS, AIS (Annual Information Statement) & TIS (Tax Information Summary). “Make sure you consider all the incomes as mentioned in these statements. It is also important to E-verify your return within 30 days of filing the ITR, earlier the time limit was 120 days, which has now been reduced to just 30 days,” says Soni.
However, if one wants to update previous returns one can do after December 31. “A taxpayer needs to file the updated return within 24 months from the end of the relevant AY or approach the tax authorities to condone the delay stating the reason for missing the deadline. However, the updated return cannot be filed in case of a loss or in a refund situation. The time limit to file the updated return for FY 2021-2022 is up to 15 months from the 1st of January 2023 till 31st March 2024 with an additional tax of 25 per cent, and up to 24 months from the end of the relevant AY, i.e., till 31st March 2025, with additional tax of 50 per cent.”
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