The income tax return (ITR) has filled a deadline for the fiscal year 2021-22 or assessment year 2022-23 is on 31, July 2022 but, if you don’t file your ITR by July 31 then its extended time is till December 31, 2022, for filing the return.
Coming up with some financial ramifications the late fee is Rs 1,000 for taxpayers with an annual income of approximately up to Rs 5 lakh. Also, the late fee is Rs 5,000 if the annual income exceeds Rs 5 lakh.
The gross total income didn’t exceed the basic exemption limit by not getting penalized for filing late. As per as the basic exemption limit is determined by the income tax scheme selected according to your choice.
Under the previous income tax regime, the basic tax exemption limit has been set as per under the age of 60 was Rs 2.5 lakh for the taxpayers. And those between the ages of 60 and 80 is Rs 3 lakh, also those above the age of 80 is Rs 5 lakh.
Under the new concessional income tax regime, the basic tax exemption level will be under Rs 2.5 lakh, regardless of the taxpayer’s age.
The term “gross total income” is defined to be the all over income before deductions under sections 80C to 80U of the Income Tax Act apart from the late fee costs. But on the contrary pay interest on your tax debt.
So without any waste of time just file your return before the due date, then simply deposit the unpaid tax. And if not that then from July 31, everyone will have to gey ready to submit the unpaid tax, as well as the interest.
The outstanding balance must get paid before the 5th of the month, or else the interest for the entire month must be paid at a rate of 1% per month.
In case if your deadline of December 31, 2022 is lapsed then ile an appeal for condonation with the commissioner of income tax of your ward after that the refunds and losses will be carried forward.