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The due date is the date on which you can file your return without any late fees or penalties. Taxpayers who file their returns after the due date must pay interest under Section 234A and penalties under Section 234F. In this article, you will get to know the income tax return last date.

If you miss the deadline for filing your ITR, you can still file your return after the deadline. This is called a belated return. However, late fees and interest must be paid and losses cannot be carried forward for future adjustments. The Income Tax Department also set a deadline to file late returns for the tax year on December 31 (unless extended by the government). This year, late registrations can be submitted by December 31, 2022 at the latest.

What Is the Deadline for 2022 Tax Return

The deadline for filing an Income Tax Return (ITR) for the fiscal year 2021-22 or tax year 2022-23 is 31 July 2022. If you have already submitted your return, or if you were able to submit it by the due date, there is no problem. But what happens if you don’t submit your  ITR by the July 31st deadline.

If you miss the July 31st deadline, you must still submit your statement by December 31, 2022. However, you will have to pay the default interest. There will also be other economic implications.

The late fee for taxpayers whose annual income is less than ₹ 5 lakh rupees is  Rs.1,000. If the annual income exceeds more than Rs. ₹ 5 lakh then the late fine should be ₹ 5,000.

However, if your gross income does not exceed the basic deduction limit, you do not have to pay a penalty for late registration.

The basic deduction limit depends on the income tax regime you choose. Under the old income tax regime, the basic tax exemption limit for taxpayers under the age of 60 is Rs 2.5 lakh. From the age of 60 to the age of 80, the basic allowance is Rs 3 lakh. For those over 80 years old, the exemption limit is ₹5,00,000.

Under the new concessional income tax regime, the basic exemption limit is Rs 2.5 lakh, regardless of the age of the taxpayer.

Gross income means gross income before any deductions are made under Sections 80C to 80U of the Income Tax Act. Aside from the late submission fee, there are several other consequences of missing a deadline. If you miss the deadline, you will have to pay late payment interest.

What Time Is the Tax Extension Deadline 2022

An extension of the deadline for filing a tax return does not extend the tax deadline. To avoid possible penalties, you should estimate and pay the taxes due by the normal deadline. You must submit your extension application no later than your normal return date.

Individual taxpayers, regardless of income, can electronically apply for an automatic tax-filing extension using a free file.

When you submit this form, you must submit your tax returns by October 15th. If October 15th falls on a Saturday, Sunday, or holiday, it will be transferred to the next business day. A return will be considered timely submitted if the envelope is properly addressed, postmarked, and delivered to the post office on time.

To receive the extension, you must estimate your tax liability on this form, and you must also pay the outstanding amount.

What Happens If I Miss the Tax Deadline

Here is few point about what will happen If you miss the tax deadline:

Interest:

If you file your tax return after the due date, Section 234A requires you to pay interest on the unpaid tax at a rate of 1% per month or a fraction thereof.

Late fee:

A late fee of Rs.5000 under Section 234F must be paid. If the gross income is less than 5 million rupees, it will be reduced to 1,000 rupees.

Loss adjustment:

If you take losses in either the stock market, mutual funds, real estate, or business, you can carry them forward and offset them against your next year’s profits. This can significantly reduce your tax burden. Loss adjustments are allowed only if the loss is declared on the ITR and submitted to the Income Tax Department on time.

Belated Return:

If you miss the deadline for filing your ITR, you can still file your return after the deadline. This is called a belated return. However, late fees and interest must be paid and losses cannot be carried forward for future adjustments. The Income Tax Department also set a deadline to file late returns for the tax year on December 31 (unless extended by the government). This year, late registrations can be submitted by December 31, 2022 at the latest.

What Is Penalty for Late Filing of Income Tax Return

In general, the IRS may charge a non-filing penalty if you miss the filing deadline or do not file a tax extension by the extension deadline. Penalties are based on unpaid taxes, and the IRS calculates 5% of the tax due for any month or part of a month in which no tax return has been filed. However, the maximum amount the IRS can charge is limited to 25% of unpaid taxes.

Let’s say you owe 10,000 in taxes. The IRS will charge you 500 each month if you do not file your taxes. However, the agency can only charge you 2,500 at most.

It is important to know that the IRS will not charge late filing penalties if you are expecting a tax refund and have not yet filed your tax return. However, if you consider being fined for late filing your tax return, then you should consider consulting a tax professional before filing. You may incur penalties and interest.

Do I Have to File an Extension If I Don’t Owe Taxes

Technically, you don’t have to file a return or get an extension if you’re expecting a tax refund. Finally, the IRS can’t penalize you if you don’t owe anything.

What Happens If You File Your Taxes Late but Don’t Owe Anything

In general, the sooner you submit your tax return, the better.

If you file your taxes late, the IRS will first send you a command. Generally, if during the tax year a user earned sufficient income from self-employment, then should receive a W-2 or 1099 form reporting income. You must remember that your employer or client may have income even if you do not list it on your tax return.

A summon will be mailed to begin the IRS collection process. This means that the IRS reasonably believes that you owe taxes. You are required by law to meet with the IRS to determine your tax liability.

Frequently Asked Questions (FAQs):-

Can I do my tax return now 2022?

The deadline for filing income tax returns for the fiscal year 2021-22 is 31 July 2022 for most individual taxpayers.

Can I file taxes 2 years late?

Some losses related to years in which you did not file returns cannot be carried forward. The exception is residential property losses, which can be carried forward even if the return is filed late.

Can we file return without paying tax?

The maximum amount of penalty cannot exceed the amount of back tax payable. If the tax is paid at the time the income tax return is filed, the taxpayer must pay the self-assessment tax first and the income tax return can only be filed after the return has been paid.

Can I use Turbotax after filing an extension?

Yes, you can use it when you’re ready to complete and submit your tax form, simply login to TurboTax.com or your mobile app, reopen your tax form, and follow all the required steps.

Conclusion

Hopefully you got covered all your doubts regarding income tax return last date. The final date for filing an ITR for individuals is 31st July of the applicable tax year and 31 October for audited taxpayers. The deadline is approaching. Waiting for an extension is not a good idea.

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