Filing your income tax return brings with it a lot of benefits. However, late payments result in different kinds of penalties under the various sections of the Income Tax Act.
We have compiled every type of late penalty for not filing ITR applicable under different sections. Keep reading to understand which one applies to you and how you can clear this payment.
ITR Filing Due date Extension |
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Compliance |
Existing Due Date |
Extended Due Date |
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The due date of furnishing of Income Tax Return for the AY 2021-22 (Individuals and non-audit cases) |
30th September 2021 (Extended from 31st July 2021) |
31st December 2021 |
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The due date of furnishing Income Tax Return for AY 2021-22 (Companies and Audit cases, excluding TP Cases) |
30th November 2021 (Extended from 31st October 2021) |
15th February 2022 |
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The due date of furnishing Income Tax Return for AY 2021-22 (TP Cases) |
31st December 2021 (Extended from 30th November 2021) |
28th February 2022 |
Extension in the due date for furnishing Audit Report |
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Audit Report for the Previous year 2020-21 |
31st October 2021 (Extended from 30th September 2021) |
15th January 2022 |
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Audit Report for Transfer Pricing cases |
30th November 2021 (Extended from 31st October 2021) |
31st January 2022 |
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Belated / Revised Income Tax Return for AY 2021-22 |
31st January 2022 (Extended from 31st December 2021) |
31st March 2022 |
If you can not file your return till this date, there is a penalty on late filing which can extend up to Rs. 10000/- depending on when the return is actually filed.
Penalty for late filing of income tax return:
If you file your ITR after the deadline, then a late filing fee will be levied. Till last year, if a taxpayer missed the ITR filing deadline, the maximum penalty he/she would have had to pay was Rs 10, 000. With effect from FY 2020-21, a person filing belated ITR will have to pay a penalty of up to Rs 5,000.
There is a relief given to small taxpayers — the IT department has stated that if the total income does not exceed Rs 5 lakh, the maximum penalty levied for delay will be Rs 1000.
On the other hand, if the tax evaded exceeds Rs 25 lakh the punishment could be 6 months to 7 years”, as per the website of the Income Tax Department. Until assessment year (AY) 2017-18, there was no penalty for filing belated income tax returns. However, this penalty is applicable from AY 2018-19. A new, section 234F, was inserted by the government into the Income-tax Act, 1961.
