File your ITR before July 31 | Fusion - WeRIndia

File your ITR before July 31

File your ITR before July 31

The due date for filing income tax returns (ITR) for the financial year 2021-22 is 31st July for individuals and Hindu Undivided Families (HUF). As the date is approaching, file your ITR before the due date to avoid a late fee or penalty.

There are different due dates for different types of taxpayers. Here are the details:

Individuals, salaried employees, and HUF should file their ITR before July 31. Their accounts do not require to be audited. As of now, the government has not extended the deadline for filing the ITR for these taxpayers.

The accounts of some taxpayers like companies, firms, partnerships and other entities like proprietorships etc., need to be audited. For them, the due date of ITR filing is October 31.

Some taxpayers who have performed international transactions during the financial year need to submit a report under Section 92E. The due date is November 30 for such taxpayers.

Taxpayers have to pay a late fee if they file their ITR returns late. In other words, if they miss the deadline, they have to pay a late filing fee of ₹5,000. Taxpayers whose taxable income is below ₹5 lakhs have to pay a late filing fee of ₹1,000.

In addition to that, taxpayers have to pay interest on the tax amount if they fail to file their ITR before the due date. There are different types of interest charged under Section 234 of the Income Tax Act.

If there is a delay in filing an ITR, then interest is charged under Section 234A.  On the other hand, if there is a delay in payment of advance tax, interest is charged under Sections 234B and 234C.

The last date to file a belated ITR is December 31. So, file your income tax returns immediately to avoid a last-minute hurry and other problems like server errors.

Image from Pxhere (Free for commercial use / CC0 Public Domain)

Image Reference:

Leave a Reply

Your email address will not be published. Required fields are marked *