Last date of filing ITR for non audit cases is 31st July 2022, Sunday
This deadline is applicable to those taxpayers whose accounts are not required to be audited. Till now, no extension of the ITR filing date has been declared. The income tax department has been reminding the taxpayers to file the return as soon as possible to avoid paying penalties.
Section-wise non-filing of ITR penalties
As per Section 234F,
a) If a person has a total income less than or equal to Rs. 5 Lakh and return is file after the due date then, applicable penalty is Rs. 1000.
b) If a person has a total income more than Rs. 5,00,000 and return is filed after the due date i.e. 31st July then, penalty levied on the person shall be Rs. 5,000.
c) If a person has a total income that does not exceed Rs. 2.5 Lakh then, no late fine shall be applicable.
| Date of E-Filing | If Income is below Rs. 5,00,000 | If Income is above Rs. 5,00,000 |
| 31st July | 0 | 0 |
| 1st August- 31st December | 1000 | 5000 |
As per Section 234A, is applicable where a person fails to file ITR within the due date and has an outstanding unpaid tax. Interest on the outstanding tax amount at 1% per month since the prescribed due date shall be the penalty applied.
As per Section 271H, failure to file TDS and TCS returns within the given due date shall lead to penalty of Rs. 10,000- Rs. 1,00,000, besides the late filing penalty under Section 234E which is Rs. 200 per day till the TDS/TCS is paid.
As per Section 270A, a person having taxable person who fails to fails ITR or is found to under-report his income in the return shall be liable to pay the penalty 50% of the total tax payable on the income for which no return was furnished.
Benefits of filing ITR timely
We advise you to file your Income tax return (ITR) on or before the due date. Numerous benefits can be availed by filing your Income Tax Return timely. Some of the benefits of filing timely ITR are as follows:
1. Quick Visa Processing: The most wanted requirement that we all wish for is quick visa processing. So, filing income tax return is beneficial as most embassies requires the person to file income tax return appropriately and in time.
2. Easy Loan Approval: One day or the other, one is need of money and wish to apply for loan. So, if you file your Income Tax Returns on or before the due date then you can easily apply for loan and fulfill your need of funds.
3. Claim Tax Refunds: If case there is excess amount paid to the Income Tax Department then, filing of ITR allows you to process your return and receive a tax refund.
4. Income and address proof: – Income Tax Return is considered as a proof of your income and address proof that is a mandatory compliance when applying for loan or visa.
5.Carry forward of losses: filing of income tax return within the due date will allow you to able to carry forward losses to subsequent years. And that loss can be utilized to set off against your future income.
6. Save you from penalties: saving income tax returns will avoid income tax department to initiate prosecution proceedings.
Here are all the benefits you can claim by filing your return of income (ITR) timely. Hurry and file your Income Tax Return soon.
There are some consequences as well of non-filing of income tax returns. Consequences are: –
- Where even after issuing notice to the taxpayer, the ITR is not filed then, in that case, the income tax officer can initiate a proceeding against the taxpayer.
- Losses incurred in a company (other than house property loss) are not allowed to be carried forward.
- Delay in claiming refund is another consequence of non-filing of ITR. In order to receive claim at the earliest it is necessary to file ITR on or before 31st
Final Words
As a responsible citizen, you must not forget to file tax returns. If you have any source of income then you must file an Income Tax Return every year on or before 31st July of the year. Also, the businesses requiring audit must also keep in mind their due date of filing ITR. The due date of filing ITR for businesses requiring audit is 31st October.
Save your time and money by filing your ITR timely!
DO NOT WAIT FOR THE LAST DATE AS THE EXTENSION OF DUE DATE IS NOT POSSIBLE THIS TIME.
