Income Tax Return: No Extension Was Offered in the Last Date

The usual last date to file an income tax return is the end of March. But due to Covid-19 pandemic, the government extended the deadline twice. Earlier it was September 30, 2021 but later it was extended by five months i.e. first from the usual deadline of July 31 to September 30, 2021, and then to the current deadline of December 31, 2021.

Income Tax Return Date Deadline 2021 Key Highlights

• Last date of filing ITRs was 31st December 2021
• No extension in the due date till March 31, 2022, taxpayers can file the ITR but with penalty.
• Revenue Secretary Tarun Bajaj clearly stated that there would be no change in the deadline for filing income tax returns. Those who will file late, will be penalized.
• Failing to file returns before the official deadline can attract penalties of up to Rs 5,000.
• 5.62 crore income tax returns (ITRs) have been filed by taxpayers for the assessment year 2020-21.
• This year 60 lakh more returns have been filed.
• To complete e-verification of the OTP, February 28, 2022 is the last date.
• Hard copy of an ITR file can be sent to the Centralised Processing Centre office in Bengaluru.
• Last date to file Income Tax Return will not be extended, says Finance Minister Nirmala Sitharaman for filing income tax.

What Is an ITR?

ITR stands for Income Tax Return. It consists of income from all sources that dictates the income tax slab for different people such as businessmen, employees and so on. It also helps to claim deductions and thereby determines one’s annual tax liability.

Benefits of Filing an ITR

• Easy Loan Approval: ITR helps to apply for any loan.
• Quick Visa Processing: ITR helps in easing Visa processing.
• Claim Tax Refund: One can claim the refund if it is due.
• Carry forward the losses: Filing by due date helps to carry forward any kind of losses in future.

New and Important Changes to the Income Tax System

There are some new changes that a taxpayer must take care of while filing an ITR:-

• Introduction of the new tax regime.
• Option to choose between the old and new tax regime
• AIS: Annual Information Statement
• Savings account interest.
• Sale and purchase of Mutual Funds
• Purchase of Motor Vehicle
• Purchase of Property
• Fixed deposits interest income
• Information related to TDS/TCS

Essentials for ITR Filing Checklist

• One must not wait for an extension and file on time.
• Majority of the taxpayers filing tax return are salaries, so they must get form 16 from their employer
• Download Form 26AS and AIS
• Properly understand the form then proceed further
• One must report if he has income other than salary
• One needs a Cam statement if one has a Capital Gains statement
• Do not click on submission unless one has taxes to pay

Details for Penalty for Late Filing an ITR

Taxpayers will still be able to file the ITR till March 31, 2022, if they miss today’s deadline, but with a penalty. According to the Income Tax (I-T) department, an assessee who does not submit a return of income within the deadline is allowed to file a late return at a later stage. But certain penalty charges are applicable in the case of belated income tax returns.

Individual tax payers and users of the new income tax portal are urging Finance Minister Nirmala Sitharaman and the Income tax department to extend the due dates immediately due to glitches in the newly launched e-filing portal.

There are few new rules now as per Section 234F of the Income Tax Department. Earlier, for filing late, the penalty was 10,000 but now it is 5000 less that is 5000. There is no penalty if the taxpayer files ITR before 31st December 2021. For small taxpayers, they have to pay Rs 1000 if they have income less than 5 lakh.

For Assistance Contact ITR Help Desk

You may connect with [email protected] (with your mobile no.) The team will reach out to you over a call. Alternatively, you may contact efiling Help Desk number: 1800 103 0025 (or) 1800 419 0025. The team will be happy to assist.

Extended Dates for Filing Income Tax Return (ITR)

The due date of filing an ITR was 31st December but during the process of filing people faced several issues. The new deadline is now January 31, 2022. People are advised to file their ITRs as soon as possible. For different audit, non – audit cases, the deadlines are different. These are mentioned below:-

• Individuals/non – audit cases: December 31,2021
• Corporates/audit cases: February 15, 2022
• Transfer pricing cases: February 28,2022
• Revised returns in all categories: March 31, 2022