Income Tax Return: If you missed the opportunity to file income tax, you can still fill ITR... Know how..??

CA KP Singh says that by the way, all income taxpayers should fill their ITR within the stipulated time. However, if you are not able to fill it, then you can fill it only till 31st December and 31st March with a fine. Any correction in ITR will also be possible till then. If you have missed the date of filing the ITR for the assessment year 2022-23 (Financial Year 2021-22) and the annual income is 2.5 to 5 lakhs, then a fine of one thousand will be imposed. You can fill it till 31st March. Those whose annual income ranges from Rs 5 lakh to Rs 10 lakh can file ITR till December 31 by paying a fine of Rs 5,000. However, till March 31, it can be filled by paying a fine of Rs 10,000.

If the income is less than 2.5 lakhs then there will be no penalty
However, if your annual income is less than the basic exemption amount, then no penalty will be levied. You can fill it till 31st March. If you are less than 60 years of age, then in the old tax rule, no tax will have to be paid on income less than 2.5 lakhs. There is no tax on Rs 3 lakh for the age of 60 to 80 years. Whereas for those above 80 years of age there is no tax on income up to Rs 5 lakh. In case of non-reporting of additional income in ITR, it will be taxed at 50 percent in a year. After one year and before two years, 100% tax will be levied.

Interest may be charged at one percent per month
If your income is from interest and dividends. TDS of 10% is deducted on this. But if you fall in the tax bracket of 20 or 30 percent, then the difference in tax will have to be paid along with one percent interest every month. However, if the outstanding amount is paid after the 5th of the month, the interest will be charged for a full month. If you have missed the date of 31st December for a refund, then an appeal will have to be made with the Commissioner of Income Tax. If there is a right reason, then permission can be given to filing it again.

We will not be able to show the loss in the next year
If you have not filed ITR till now, then now you will not be able to show this loss against future income. This will include everything from capital gains to profits from business or profession. For example, this year you have a loss of one lakh in some way, but next year if you gain so much, then you cannot show it instead of this loss. Any loss under the rule can be carried forward for 8 financial years.

 
There are many benefits of filing ITR on time.
CA Ajay Kumar Singh says that there are many benefits of filling ITR on time. Insurance benefits will not be available for tax evasion. If you do not have ITR for three years, then it will be difficult to get the loan. ITR is also useful in visas for foreign travel. If it is a startup, then the contribution of ITR in raising capital for this is important.