Income Tax Return Filing Deadline Of July 31 May Not Be Extended: Official

ITR (Tax Return) July 31 Deadline: Penalties Of Lacking It

The due date for revenue tax return (ITR) submitting for the monetary 12 months 2021-22 or evaluation 12 months 2022-23 is July 31, 2022. When you’ve got already filed the return or handle to file it earlier than the due date, it is properly and good. However, what occurs in the event you fail to file the ITR earlier than the July 31 deadline?

When you miss the July 31 deadline, you possibly can nonetheless file the return by December 31, 2022. Nevertheless, you’ll have to pay a late price. It can even have another monetary penalties.

The late price for the taxpayers whose annual revenue is as much as Rs 5 lakh is Rs 1,000. In case your annual revenue is greater than Rs 5 lakh the late advantageous is Rs 5,000.

Nevertheless, in case your gross complete revenue doesn’t exceed the fundamental exemption restrict, you’ll not be liable to pay a penalty for the late submitting.

The essential exemption restrict depends upon the revenue tax regime you select. Beneath the previous revenue tax regime, the fundamental tax exemption restrict stands at Rs 2.5 lakh for taxpayers beneath 60 years of age. For individuals between 60 and 80 years of age, the fundamental exemption restrict is mounted at Rs 3 lakh. For individuals above 80 years of age, the exemption restrict stands at Rs 5 lakh.