India

Income Tax Return: Extension Unlikely, What Happens If You Miss July 31 Deadline

By
OB Bureau

Bhubaneswar: The due date to file Income Tax Returns (ITR) for the financial year 2021-22 will end on Sunday (July 31) and the government is unlikely to announce any extension in the deadline.

Earlier in the day, the Income Tax department through its Twitter account said, 19,53,581 ITRs have been filed by 1 pm with 4,67,902 ITRs being filed in the last hour. Till July 30, more than 5.10 crore ITRs were filed with 57.51 lakh on Saturday alone.

The taxpayers will still be able to file their ITR by the last date or the final deadline, December 31, but with a fine along with interest on any unpaid taxes for the year 2021-22. Under section 234F of the IT Act, there will be a penalty of Rs 5,000 for taxpayers whose annual income is more than Rs 5 lakh.  The late fee for those whose annual income is up to Rs 5 lakh is Rs 1,000 and none if the gross total income does not exceed the basic exemption limit of Rs 2.5 lakh.

An interest of 1 per cent is applicable on the outstanding amount if taxpayers don’t file ITR till July 31.

So, the taxpayer will have to deposit the outstanding tax along with the interest. If the outstanding tax is paid on or after the 5th of any month, the interest for the full month will also have to be paid.

For any assistance, taxpayers can connect on orm@cpc.incometax.gov.in or Income Tax help desk numbers 1800 103 0025 & 1800 419 0025.

In the last fiscal year 2020-21 (FY21), around 5.89 crore ITRs were filed by the extended due date of December 31, 2021. The due date was extended by months in the last two assessment years, mainly due to the COVID-19 pandemic.

OB Bureau

Recent Posts

Rupali Ganguly Shares Cryptic Post Amidst Feud With Stepdaughter

  Mumbai: ‘Anupamaa’ actress Rupali Ganguly, who has been making headlines for her feud with…

November 29, 2024

Is Johnny Depp Dating A Spanish Influencer Half His Age?

New Delhi: After his brief romance with lawyer Joelle Rich, Hollywood actor Johnny Depp seems…

November 29, 2024

Junior National Kho Kho: Odisha Men & Women Bag Silver Medals; Double For Maharashtra

Bhubaneswar: Odisha had a silver lining twice over in the 43rd Junior National Kho-Kho Championship…

November 29, 2024

Odia Film ‘Lahari’ To Premiere At Kolkata International Film Festival

Bhubaneswar: Odia feature film ‘Lahari’, written and directed by National Award winner Amartya Bhattacharyya and…

November 29, 2024

Ananya Panday Asks Dad Chunky Panday To Delete His Instagram Account; Know Why

Mumbai: ‘CTRL’ actress Ananya Panday and her father Chunky Panday engaged in light-hearted banter on…

November 29, 2024

Bird Flu: 1st Case Detected In US; WHO Calls For Increased Surveillance

New Delhi: The World Health Organisation (WHO) sounded a word of caution after the first…

November 29, 2024

ICC Ultimatum To Pakistan On Champions Trophy: Accept Hybrid Model Or Forego Right To Host

Mumbai: The International Cricket Council (ICC) has finally put its foot down and told Pakistan…

November 29, 2024

One Killed, 4 Injured In Series Accidents In Odisha’s Boudh

Boudh: One person was killed and four others were seriously injured as a car collided…

November 29, 2024