ITR filing

Filing Your ITR By 31 July 2022 Can Save You This Much Amount

File your income tax return (ITR) for the financial year 2021-22, or assessment year 2022-23 on or before 31 July to avoid attracting penalties like late fees.

The Financial Consequences Of Missing ITR Deadline

Financial Consequences Of Missing ITR Deadline
  1. File your ITR by December 21, 2022, with a late fee according to your tax slab. The late fee for income group of up to ₹ 5 lakh is ₹ 1,000 and for over ₹ 5 lakh is ₹ 5,000. But no late fee is levied for the group whose income doesn’t exceed the basic exemption limit.
  2. Missing a deadline will attract interest on the late payment of taxes. You will pay some tax with interest and dividends. TDS deduction is made at 10%, but if you are in the 20% or 30% tax slab, the differential amount will attract the interest of 1% per month according to Section 234A.
  3. The interest rate charged will be applied retrospectively from the last date of filing ITR, July 31, 2022. Also, if the outstanding dues are paid after the 5th of any month, you will be charged an interest rate for the full month.
  4. Carrying forward losses isn’t
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