How to file ITR after Due Date?

July 31, 2022, was the last day to file income tax return (ITR) for FY2021-22. However, if you have missed this deadline, then you can still file your ITR. The income tax return filed now will be termed as a belated ITR. If you are filing your ITR now (belated ITR), then you will have to pay a late filing fee.

A late filing fee/penalty for filing belated ITR is levied under section 234F of the Income-tax Act, 1961. As per the law, a late filing fee of Rs.5,000 will be levied on individuals who file belated ITR. However, as a respite to small taxpayers, the late filing fee will not exceed Rs.1,000 if the total income does not exceed Rs.5 lakh.

It is important to note that the last date of filing belated ITR is December 31, 2022. Thus, an individual can file belated ITR any time between August 1, 2022, and December 31, 2022, albeit by paying the penalty. If an individual misses this deadline as well, then he/she will not be able to file ITR unless income tax department sends a tax notice.

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-Harsh Chokshi

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