The deadline for filing Income Tax Return (ITR) for the FY 2021-22 will lapse on July 31. This deadline is applicable for individuals whose accounts are not required to be audited. The Government has clarified that no further extension is given to individuals for FY 2021-22 (AY 2022-23).
Following consequences and inconveniences are attached if an individual fails to file ITR by the deadline.
The penal interest under all three sections is levied at 1% per month on the tax amount dues.
Important: Individual taxpayers should note that there is a deadline for filing belated ITR. If you have missed the date to file ITR, i.e., July 31, 2022, for FY 2021-22, then you must file the belated ITR on or before December 31, 2022. If you miss the December 31, 2022, deadline, then you will not be able to file ITR unless the income tax department sends the notice for filing the same.
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