When is the last date for filing IT returns?

In my opinion, you must file ITR before the late date. Because you will have to pay the penalty then. The crucial dates for taxes in India should be known by taxpayers. Hence, everything you have to know about the last date of filing IT return is detailed in this complete answer. But let me tell you buddy, the last date of filing ITR for this year was on 31st July 2022.

What is the filing IT returns last date?

What will happen if you miss the deadline to file ITR?

• If you submit your return after the deadline, you must pay interest in accordance with Section 234A at a rate of 1% per month or fraction thereof on the unpaid tax amount.

• A late fee of Rs. 5000 is required to be paid in accordance with Section 234F. If the combined income is less than Rs. 5 lakh, it will be lowered to Rs. 1000.

• You may carry forward and adjust losses from the share market, mutual funds, or any enterprises with the income from the following year. 

• Your tax burden will be greatly reduced as a result. Only if you include a loss declaration in your ITR and submit it by the due date to the income tax division is a loss adjustment allowed.

• If the ITR filing deadline passes without being observed, you may file a so-called belated return after the deadline. However, you will still be required to pay a fee, and interest, and you will not be able to roll over penalties for a future modification. 

• The income tax division has also established a deadline for submitting a late return, which is December 31 of the assessment year. 

• You have until December 31, 2022, to file the amended return for this year.

• Now you know when is the last date for filing IT returns and what will happen if you miss out on that.

How do you request a tax refund after the deadline has passed?

You can only request an income tax refund when you submit an ITR. You can submit a late return on or before December 31 of the assessment year. It can be done only if you miss the deadline for filing your ITR. The late filing of a return carries a 5,000 rupee fine. But, if the person's overall income is less than Rs. 5 lakh, then a charge of Rs. 1,000 is required.

Now you are aware of the last date of filing IT return.