ITR filing Due date, Penalty of ₹5,000 on Missing Deadline

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• Dec 31, 2021 | moderator

Digital Desk: The last date for (Income tax returns) ITR filing due date for FY 2020-21 is set for today by the Income Tax Department. The deadline is set for December 31 2021, at midnight. Moreover, taxpayers who fail to file the returns before the cited deadline can attract penalties of upto ₹5,000.

This deadline has already been extended twice. Initially, the deadline for ITR filling was extended to September 30, 2021. However, this deadline was extended again to December 31, 2021.

The highest penalty amount was ₹10,000 until 2020, which was then reduced to ₹5,000. Taxpayers were charged a penalty of ₹10,000 if they filed their returns late between December 31 and March 31 and a fine of ₹5,000 for ITR filling between August and December. 

Initially, the deadline for ITR filling was extended considering the surge of Covid-19. It was once again extended due to the second wave of Covid-19. This point states whether there is any possibility for the Centre to extend the latest deadline considering the rise of the Omicron cases across the nation.

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Moreover, chartered accountants and tax specialists feel that there is a possibility for further extension of the ITR filing deadline for individuals (whose accounts are not required to be audited). 

On Wednesday, the Income Tax department stated that more than 5 crore returns were filed as of the date and advised individuals who were yet to file to do so before the deadline.

"More than 5 crore Income Tax Returns for AY 2021-22 filed till 5:45 pm today! Hope you have filed yours too! If not, please file your #ITR for AY 2021-22 before the extended due date of December 31, 2021. Please visit http://incometax.gov.in," the department tweeted.

Taxpayers who have yet to electronically confirm their returns for 2019 - 2020 can even confirm them by February 28, 2022, after the I-T department issued one-time ease for the confirmation.