Why one should not miss ITR filing Due Date

As per the provisions of the Income Tax law Income tax returns need to be filed within the due date. However if return is not filed within the due date mentioned than penalty is levied upon for not filing the return within the prescribed time limit. In case someone miss the ITR due date than also return can be filed by paying requisite amount of penalty in the form of BELATED RETURN.

1. Can an assess claim carry forward of losses under the head PGBP, Capital Gain and House Property.

• In order to claim the benefit of carry forward of losses under the head PGBP, Capital Gain and House Property the return has to filed within due date specified.

2. Is everyone required to pay late fee while filing Belated Return or a return to be filed after the due date.

• No not everyone is required to pay late fee. Persons having Gross Total Income less than the basic exemption limit are not required to pay late fee for filing a Belated Return.

3. What is the due date of filing Belated Return i.e. return filed after the due date.

• The due date of filing a Belated Return is 31/03/2022.

4. Following are the Persons who have to mandatory file Income Tax Return and will be mandatorily required to pay late fee even if the Gross Total Income is less than the basic exemption limit.

• Those who have deposited an amount or aggregate of amounts exceeding Rs.1 crore or more in one or more accounts maintained with a bank or co-operative bank.
• Those who incurred an expenditure of an amount or aggregate of amounts exceeding Rs.200000 for them or on any other person for any foreign travel.
• Those who have incurred expenditure towards electricity consumption an amount or aggregate of amounts exceeding Rs.100000.

5. Is a Taxpayer who own foreign assets required to file Income tax return and will be required to pay late fee for not filing the return within the due date.

• If a Taxpayer owns foreign assets such as stock, shares etc.it is mandatory required to file Income Tax return even if the Gross total Income is less than the basic exemption limit and late fee rules will also be applicable with penalty if return not filed within the due date.

6. What is the penalty for filing ITR after the due date beyond the normal deadline.

• In order to compensate for not filing the return within the due date,late fee in the form of penalty is required to be paid.

Particulars                                         Penalty

Taxable Income less than Rs.5 lakh –                  Rs.1000/-

Taxable Income more than Rs.5 lakh –                Rs.5000/-

7. Meaning of Basic exemption limit in order to calculate late fees in filing the return.

• Basic exemption limit in old tax regime for resident individuals below 60 years is Rs. 2.5 lacs for resident individuals below 80 years is Rs. 3 lacs and for citizens above the age of 80 years is Rs. 5 lakh. However in case of new tax regime it is Rs. 2.5 lacs irrespective of the age.

8. What is the due date of filing the return for A.Y. 21-22 for Individual Taxpayers.

• The due date of filing the return for A.Y. 21-22 is 31/12/2021 which was extended due to Covid situation.

9. What is the last date of filing the Income Tax return for Taxpayers whose accounts need to be audited.

• Last date of filing the Income Tax return for Taxpayers whose accounts needs to audited under section 139(1) has been further extended by a latest Circular No. 01/2022 to 15^th March 2022.This extension will not in cases where the amount of tax on the total income as reduced by the amount as specified in clauses (i) to (vi) of sub-section (1) of that section exceeds one lakh rupees.