ITR filing last date: What happens if you miss March 31 deadline to file returns

ITR filing last date: Last date of March 31 is under an income tax law that gives taxpayers three months' window to file belated ITR

The last date to file your Income Tax Return, or ITR for FY 2020/21 (AY 2021/22) is March 31.

The original deadline was July 31, 2021, but was extended due to COVID; The date was revised to December 31, 2021, then to February 15, 2021 and finally to March 15, 2021.

March 31 is the last date for filing income tax returns under an income tax law that gives taxpayers three months to file delayed ITR.

Missing the last date for filing ITR is not advisable as it can lead to penalty and demand payment of interest from the Income Tax Department.

There is a fine of ₹5,000 for not filing your income tax return under section 234F of the Income Tax Act. However, if your total income is less than ₹5 lakh, you will have to pay ₹1,000 only.

What if you miss last date for filing ITR for FY 2020/21 (AY 2021/22)?

This rule applies to all taxpayers and the penalty must be paid even if you are filing for a non-taxable amount. The Income Tax Department can also impose a fine of 50 percent of the tax payable from you and you could face a jail term of three years in extreme cases.

Note that in addition to paying the penalty, you may also have to pay interest - 1 percent per month or part of the month for unpaid taxes.

You may face higher TDS (tax deducted at source) if you don't file your return - a proposal in last year's budget made non-filers to face TDS at twice the normal rate or 5 per cent .

A 'non-filer' is a person who has not filed ITR in the two years immediately preceding the year in which tax is deducted; In this case it would be FY 2019/20 and FY 2018/19.

You will also lose any refund due from TDS collection if you fail to file your return as prescribed. The Income Tax Department had tweeted last week that from April 1, 2021 to March 20, 2022, over ₹1,92,720 crore had been issued as refunds to 2.26 crore taxpayers.

The last date was December 31, 2021, after the original deadline of July 31, 2021, was extended due to the coronavirus.

What is the last date for filing ITR for FY 2020/21 (AY 2021/22)?

March 31 is the final date to file ITR; it is the end of a three-month grace period offered by the income tax department to file your return.

Note that if you are filing in the grace period, losses (for example, from the sale of business or property) cannot be carried forward and some benefits are unavailable.