The deadline date of December 31 is for people whose records are not to be reviewed. For companies whose records must be reviewed, the ITR documenting deadline is extended till February 15, 2022, from the previous extended deadline of November 30 and the first deadline of October 31, 2021. The due date for ITR petitioning for the financial year 2020-21 (the evaluation year 2021-22) has been expanded two times – first from the typical cutoff time of July 31, 2021, to September 30, 2021, and afterward to December 31, 2021. We will going to tell you how to file ITR, and what happens if you failed before the ITR filing last date.
More than three crore citizens have recorded their ITR on the new e-filing portal of the income tax department starting at 3 December 2021. Indeed, the quantity of ITRs documented each day is more of 4 lakh and numbers are increasing each day as the last date for filing returns, for example 31 December 2021 is drawing closer.
How to File ITR Online
- Visit the income tax e-portal.
- Click on the ‘login here’ option on the home page.
- Type in your permanent account number (PAN) in the enter your user ID, and afterward press the proceed with button.
- Affirm the ‘secure access message’ that they have received. Later this, click on proceed.
- Presently, you have to pick to get the six-digit one-time password (OTP) by means of instant message or voice call.
- People can likewise utilize their enrolled Aadhaar number or net banking to sign in to the income tax e-filing portal.
- While utilizing the Aadhaar choice, the number, just as the OTP, received should be given.
- For net banking, the citizen needs to enter their user ID and password to get access to the account.
- Later the completion of the login, the IT returns for the financial year 2021-22 should be handled according to the steps given on the screen.
What happens if You Fail to File ITR
Assuming you neglect to record the ITR by the due date of December 31 you can in any case document the return called ‘Belated Return’. The late return can be documented according to area 139 (4) of the Income Tax Act, 1961. However, the individual would be at risk to pay filing fees and penal interest, and furthermore forego interest benefits on excess taxes paid.
The late charge punishment for filing the ITR later the due date is up to Rs. 5,000. Small taxpayers whose complete available pay during the financial year under audit doesn’t surpass Rs. 5 lakh should suffer a maximum penalty of Rs. 1,000 assuming the ITR is filed later the due date yet before the last date of March 31, 2022.
