ITR filing FY 2021-22: Know last date and penalty if you miss DEADLINE

ITR filing AY 22-23: The due date for Income Tax Return (ITR) filing for salaried taxpayers and non-auditable accounts is just around the corner. Therefore, it is advised to file your ITRs on time otherwise you will have to pay a hefty fine or penalty for filing ITRs after the deadline.

Income Tax Return filing last date: The ITR filing deadline for FY 2021-2022 is July 31 for taxpayers whose accounts don't need to be audited.

When you file ITR on time, in return you get a number of benefits like fast loan approval from banks, early tax refund, early approval of government tenders and more. And the most important is that you become a part of the nation's growth story. Hence, it is always a wise decision to file Income Tax Return well before the deadline.

ITR filing late fees: As per the rule, individuals filing their ITR after the deadline will have to pay Rs 5,000 as penalty. They penalty is charged in the form of late fee. The fine, in case the total income of an assessed person does not exceed Rs 5 lakh, is Rs 1,000.

Modes to file ITR:

Return forms can be filed with the Income-tax Department in any of the following ways:

• 1. By furnishing the return in a paper form;
• 2. By furnishing the return electronically under digital signature;
• 3. By transmitting the data in the return electronically under electronic verification code;
• 4. By transmitting the data in the return electronically and thereafter submitting the verification of the return in Return Form ITR-V;

Where taxpayer files the return of income without digital signature, then the taxpayer should take two printed copies of Form ITR-V.

One copy of ITR-V, duly signed by the taxpayer, is to be sent (within 120 days) by ordinary post or speed post to Income-tax Department – CPC, Post Bag No. 1, Electronic City Post Office, Bengalore–560100 (Karnataka). Taxpayers may retain the other copy for the record purpose.