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Can I file my ITR after the due date?

Yes, you can file your Income Tax Return (ITR) after the due date. However, doing so can result in penalties and interest charges. In this blog, we will discuss the consequences of delayed ITR filing and how to file ITR after the due date.


ITR Filing_Raag Consultants

The due date for filing ITR for individuals is usually 31st July of the assessment year. For example, for the financial year 2021-22, the due date for filing ITR is 31st July 2022. If you miss the due date, you can still file your ITR by 31st December of the assessment year, but you will have to pay a late filing fee of up to Rs. 10,000, depending on the delay.


Here are some of the consequences of delayed ITR filing:


  1. Penalty: If you file your ITR after the due date, you will have to pay a late filing fee of up to Rs. 10,000, depending on the delay. The penalty can increase if you file your ITR after 31st December of the assessment year.

  2. Interest Charges: If you have any outstanding tax liability, you will have to pay interest on the amount from the due date until the date of payment.

  3. Refund Delay: If you are entitled to a refund, filing your ITR after the due date can delay the refund process.

Now, let's discuss how to file ITR after the due date:

  1. Visit the Income Tax Department's e-filing website and register yourself if you have not done so already.

  2. Select the relevant assessment year and the ITR form applicable to you.

  3. Fill in the necessary details, such as personal information, income details, tax payments, deductions, and other relevant information.

  4. Calculate your tax liability and pay any outstanding tax using the challan ITNS-280.

  5. Generate and verify your ITR using the Electronic Verification Code (EVC) or Digital Signature Certificate (DSC).

  6. Submit your ITR.

If you are unable to pay your outstanding tax liability in full, you can file a request for a payment plan or a tax settlement scheme. The Income Tax Department has various options for taxpayers to pay their taxes in installments.

In conclusion, filing your ITR after the due date can result in penalties and interest charges. Therefore, it is advisable to file your ITR within the due date. However, if you miss the due date, you can still file your ITR by 31st December of the assessment year by paying the late filing fee. If you have any doubts or queries, you can consult a tax professional.

 

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