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Thursday, Oct 06, 2022

Explained: ITR filing deadline is over, this is what you need to know if you did not file your return by July 31

You still have until December 31, 2022 to file ‘belated’ ITRs for FY 2021-22, along with a penalty of Rs 5,000 if your total annual income is more than Rs 5 lakh. If it is less than 5 lakh, the penalty will be Rs 1,000.

income tax, income tax deadline, income tax returns, Income Tax Department, income tax FAQs, express, explained, indian expressIf the return of income is not filed by the due date — July 31 for FY 2021-22 — there will be a levy of penalty under Section 234F. (File)

Sunday (July 31) was the last day for filing income tax returns (ITRs) for AY 2022-23 (FY 2021-22) for salaried individuals. Unlike in some previous years, the government did not extend the deadline, and the Income Tax Department issued a set of Frequently Asked Questions (FAQs) on issues pertaining to the filing of ITRs.

Salaried individuals were required to file their income tax returns by July 31. Corporates or those who are required to audit their books of accounts can file their returns by October 31, 2022.

As many as 63,47,054 tax returns had been filed up to 10 pm on Sunday, the IT Department posted on Twitter. It also put out its email address, orm@cpc.incometax.gov.in, and helpdesk numbers, 1800 103 0025 and 1800 419 0025, to provide assistance to taxpayers for the resolution of queries and issues in filing of the returns.

What will happen if you failed to comply with the deadline for filing your ITR?

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If the return of income was not filed by the due date — July 31, 2022 for salaried individuals for FY 2021-22 — a penalty will be levied under Section 234F of the IT Act. The last date for filing ‘belated’ ITRs for FY 2021-22 is December 31, 2022, along with a penalty of Rs 5,000 if the total annual income of the assessee is above Rs 5 lakh, and with a penalty of Rs 1,000 if the total annual income is below Rs 5 lakh.

Earlier, the penalty for filing returns after the due date was Rs 5,000 if the ITR was reported before December 31 of the assessment year, and Rs 10,000 if ITR was reported after December 31 but before March 31 of the AY. From FY 2021-22 (that is, the previous financial year) onwards, the deadline for filing ‘belated’ returns has been changed to December 31 — unless the government decides to extend it as it did during the Covid-19 pandemic phase.

Also, if a person fails to file the ITR by the due date, and has an outstanding unpaid tax, then under Section 234A, an interest on the outstanding tax amount at 1 per cent per month will be levied since the prescribed due date.

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If a person with taxable income fails to file his/ her ITR, or is found to under-report his/ her income in the returns, then he/ she has to pay 50 per cent of the total tax payable on the income for which no return was furnished.

What has the tax department stated in the FAQs?

The FAQs have been released for issues including self-assessment tax paid but not reflected in prefilled detail, pre-validation of bank account for refund, absence of drop down facility while filing ITR-7 claiming exemptions under various provisions, difference in income reflected in Annual Information Statement and Form 26AS, password-reset without efiling/ Aadhaar OTP, and opting for Section 115 BAC tax regime, which is the provision for the new concessional income tax regime.

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The Tax Department said that taxpayers who do not have an Aadhaar registered mobile number but want to reset the password on their income tax efiling portal can do so using DSC, or by logging into Internet banking.

For self-assessment tax paid but not reflecting in prefilled details, the I-T Department said it takes 3 to 4 days for different banks to provide information to the department. Post that, it gets prefilled in the Tax-returns/Pre-filled JSON.

“Taxpayers may opt to wait for the required time-period for auto reflecting details of the Taxes paid in ITR. Alternatively, in such cases where the taxpayer has already filled in additional details over and above the pre-filled details, such payment details can be entered manually after clicking on ‘Add Details’ link for Advance Tax and Self- Assessment Tax Payment details under Schedule “Taxes Paid”,” the I-T department said.

On resetting password without e-filing OTP (in cases where registered mobile has changed)/Aadhaar OTP (where mobile is not linked to Aadhaar or if Aadhaar is not linked to PAN), user can reset password using a valid digital signature certificate (DSC) or can login in directly through Internet Banking into E-filing account.

For any difference between income as shown in AIS and 26AS, the I-T department clarified that income reflected in AIS and 26AS are based on information received from different sources and tax compliance made by different stakeholders.

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“If there is variation between the TDS/TCS or tax payments as provided in Form 26AS and the TDS/TCS or tax payments provided in AIS, the Taxpayer may rely on the TDS/Tax payment information provided in 26AS for the purpose of filing of tax return and for computing Prepaid Taxes,” it said.

First published on: 31-07-2022 at 04:35:01 pm
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