ITR filing FY 2021-22 deadline ends: Step-by-step guide on filing Belated ITR, late fine and everything else you MUST know

If you have not filed ITR within the deadline that ended on July 31, it doesn’t mean that the options are closed for you. Continue reading to know more about how to file ITR even after the due date, how much the late fine will have to pay, and many more rules and regulations of the government regarding Belated ITR.

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New Delhi: The deadline to file the Income Tax Return was July 31. As the Income Tax Department of India tweeted on August 1, the total ITR filed was 5.83 crore. Income Tax Department of India said, “About 5.83 crore ITRs for AY 22-23 filed till 31st July 2022. New record for Income Tax Department as over 72.42 lakh ITRs filed on a single day i.e on 31st July 2022. The Department expresses gratitude to taxpayers/stakeholders for timely compliances,". 

If you have failed to file your ITR within the stipulated deadline, it doesn’t mean the options are closed for you. You can still file ITR up to December 31 by paying a late fine. There is a provision to file ITR after the due date under section 234F. ()

Here is all about how to file ITR even after the due date, how much the late fine will have to pay, and many more rules and regulations of the government regarding Belated ITR.

The ITR filed after the deadline is termed as ‘Belated ITR’. For instance, the last date to file ITR for this financial year was July 31, 2022. Each and every ITR filed after July 31, will come under Belated ITR. The last date to file Belated ITR is December 31, 2022. ()

Here are all the terms and conditions of the Income Tax Act 1961 regarding Belated ITR

Belated ITR comes with costs up to Rs 5000. If your annual income is below Rs 5 lakh, you have to pay Rs 1000 as a late fine. Rs 5000 charged as a late fine, you have an annual income of Rs 5 lakh or above. You also have to pay 1% interest per month on the tax till July 31.

As the Central Board of Direct Taxes (CBDT) cuts the time limit for verification to 30 days from 120 days previously. This new rule came into effect on August 1. As per the Income Tax Department’s data, more than 3 crores of verified ITRs had been processed till July 31.

A step-by-step guide to filing Belated ITR

- Visit the official website of the Income Tax Department of India i.e www.incometax.gov.in

- Go to the 'Downloads' section.

- Click on the 'Income Tax Returns' option. Download the appropriate ITR utility.

- Unzip and extract the files in the desired location.

- Fill out the form and generate the XML.

- Log in using PAN Card. Go to the e-file menu.

- Click on the 'Income Tax Return' option.

- Verify yourself and upload the XML.

- Click on the 'Submit' option.

- Enter the OTP. ITR will be submitted.