The Due Date for Filing Income Tax Return [ITR] for Non-Audit Cases is 31st December 2021. As per the guidelines from the CBDT, if an individual taxpayer (non-Audit) misses the income tax return (ITR) filing deadline of December 31, 2021, then they will have to pay a late fee and file the belated ITR. Below is the Income Tax Return Late Fees Applicable under section 234F on Belated ITR Filing.
Income Tax Return Late Fees:
If Income is Upto Rs. 5 L: Rs. 1000 [Section 234F]
If Income is More than Rs. 5 L: Rs. 5000 [Section 234F]
No Late Fees if Taxpayer was not required to file ITR. [Section 234F is applicable on Taxpayers who were liable to File Return under Section 139]
| E-filing Date | Total Income Less 5 Lakhs | Total Income More than 5 Lakhs |
| 31st December 2021 | Rs 0 | Rs 0 |
| Between 31st December 2021 to 31st March 2022 | Rs 1,000 | Rs 5,000 |
Section 234A
- The provisions of section 234A will continue to be applicable as before. Introduction of new section 234F will not have any impact. As per section 234A, if the tax amount is not paid within the stipulated due dates, then simple interest is levied at the rate of 1% per month or part of it on unpaid amount of tax due.
- The interest u/s. 234A will be payable for the period starting from due date of filing return till the date the return is filed.
- In case the return of income has not been filed at all then interest will be calculated from the due date till the date of completion of assessment order passed by the assessing officer
Carry Forward of Losses is Not Permitted
If you have incurred any losses during the year, say a loss under the head Capital Gains or any loss in your business, make sure you file your return within the due date. Not doing so will deprive you of carrying forward these losses to the next years for set off against income in future years.