ITR Last Date: What Happens If You Do Not File Your ITR By March 31? Details Here.

ITR Last Date: The last date for filing the late Income Tax Return (ITR) is approaching fast. For the year 2020-21 (AY 2021-22), the last date is March 31. For ITR, the last date was December 31, 2021.

Due to the Covid-19 pandemic, the due date for filing the late return was revised from February 15 to March 31. Taxpayers must not forget this deadline in order to stay safe from the penalty.

According to a report by Business Standard, if one fails to file the ITR before the deadline, they may be penalized. The penalty may be in the form of a monetary fine or penalty.

What Might Happen If You Don’t File ITR By March 31?

• Under Section 270 of the Income Tax Act, 1961, the I-T department can levy up to 50 per cent penalty.
• Apart from the 50 per cent fine, the taxpayers will also have to pay interest on the amount for the number of days till the date of filing ITR.
• Under Section 234F, a mandatory Rs 5,000 fine has to be paid if the ITR is submitted later than December 31, 2021. This is applicable for an annual income of more than Rs 5 lakh.
• For people with an income less than Rs 5 lakh, the fine is Rs 1,000.
• Also, in the case of non-filing of the ITR, the taxpayer is not entitled to receive any interest on the refund of excess taxes paid for the delay period, Business Standard stated.