Penalty In Case You Miss July 31, 2022 ITR Filing Deadline

For salaried and non-audited tax assessees, the tax filing deadline is fast nearing. Remember each year by July 31 you need to discharge your liability of filing the taxes. Also, in case you happen to meet the said deadline, there are penalty implications.

Penalty in case of missing ITR filing deadline

Pertinently, the penalty charged as late fee has been halved. Till Fy 2019-20, in case the taxpayer missed the deadline, the penalty would go as high as Rs. 10000. But from Fy 2021 i.e. Assessment year 2022, it has been slashed to a maximum up to Rs. 5000.

In case the individual's total income is less than Rs. 5 lakh then it comes to be Rs. 1000.

Also, note this penalty amount of Rs. 5000 shall also be applicable to those assesses who file the belated return by the deadline to file the same i.e. December 31, 2022.

The reduction in the penalty amount was made as a result of reduction in maximum time to file ITR by 3 months that was introduced in Budget 2021.

But remember if you are a small taxpayers with annual gross income less than Rs. 5 lakh then you will be liable to pay a maximum penalty of Rs. 1000 even if you file the belated return after the deadline of December 31, 2022.