• Notification Date: 28-12-2022
• Notification No: N/A

31st December is the Deadline to file Income Tax Return

The taxpayers who have missed the income tax return deadline will miss the last opportunity to file their income tax returns. They can expect the income tax proceedings in the near future. 31st December 2022, is the deadline for filing the revised or belated ITR (income tax return). If you could not file your income tax return by July 1, 2022, or had filed the ITR but made some mistake in that, you can correct the course by filing a belated or revised ITR by December 31, 2022. 

The original deadline for filing the income tax returns for the assessment year 2022-23 was July 31, 2022. The last date was not extended this year. According to the official website of the income tax department, out of 10,74,16,060 taxpayers, 7,06,88,702 people filed their income tax returns. While, initially, income tax return filing was slow, the pace picked up as the deadline neared. The Income Tax Act, 1961 enforces a few penal provisions to curb tax evasion and penalize the defaulters in case of non-filing of returns and non/short payment of income tax. As per rule, a penalty of Rs 5,000 will be charged for the delay in filing returns if the total income to be reported exceeds Rs 5 lakh. For small taxpayers, if the total income of the person is less than Rs 5 lakh, then the penalty fee payable is up to Rs 1,000. 

One cannot voluntarily file their ITRs after December 31st of the relevant assessment year. After the deadline is over, the department will direct the defaulter how to comply with the mandatory provisions by paying penalty and interest, if and when the income-tax department picks up your income and tax details available for scrutiny.  

Section 234 of the Income Tax Act, 1961 deals with penal interest that are levied in cases of delay in paying income tax on time.