Quick Summary
There will not be any extension in Due Dates for filing IT Return as said by Mr. Tarun Bajaj, Revenue Secretary in the Press Conference. The last day to file the Income Tax Returns for AY 2021-22 is 31st December 2021.
It has also been highlighted that the ITR filing due date has been extended multiple times this year and the tax department does not seem to be in the favour of another extension.
A Rs 5,000 late fee is applicable if a taxpayer with a taxable income above Rs 5 lakh fails to file ITR before the due date. In case the taxable income is below Rs 5 lakh, a late fee of Rs 1,000 is applicable.
The Income Tax Department in its latest update said that more than 5.5 crore ITRs have been filed as of December 31, 2021.
FAQ :
No, the Revenue Secretary has confirmed there will be no extension to the ITR filing due date.
The last day to file Income Tax Returns for AY 2021-22 is December 31st, 2021.
A Rs 5,000 late fee is applicable for taxable income above Rs 5 lakh, and a Rs 1,000 late fee for taxable income below Rs 5 lakh.
As of December 31st, 2021, more than 5.5 crore Income Tax Returns have been filed.
The tax department has already extended the due date multiple times this year and does not favour another extension.
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