With the year ending, the taxpayers who missed the income tax return deadline will miss the last opportunity to file their income tax returns and can expect the income tax proceedings any time in the near future.
After 31st December 2022, the window for filing the revised or belated ITR (income tax return) is also going to be closed on December 31. So, 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, and 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 provides 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. 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 fee payable is up to Rs 1,000.
After December 31st of the relevant assessment year, one cannot voluntarily file ITRs. After that, if and when the income-tax department picks up your income and tax details available for scrutiny, the department will direct the defaulter how to comply with the mandatory provisions by paying penalty and interest. 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.
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