If you previously missed the income tax return (ITR) due on July 31, 2022, you must file a late income tax return (ITR) by December 31, 2022. This data is crucial since it represents the final opportunity for FY21–22 ITR submissions, especially for individuals who submitted their initial ITR on time but need to revise it because of an error or omission.
The deadline for submitting revised or late returns for 2021–2022 is December 31, 2022. A belated return is submitted beyond the deadline and is subject to late filing penalties under section 234 F of the Act. If a taxpayer's total income is more than Rs 5,000 and less than Rs 1,000, late filing fees of Rs 5,000 and Rs 1,000, respectively, would be assessed. According to Yeeshu Sehgal, Head of Tax Market at the tax and consulting firm AKM Global when filing a late return, carrying forward losses from previous years is not permitted.
What happens if the deadline on December 31, 2022, is missed?
If this deadline is missed, no one will be allowed to file an ITR for the years 2021–22 unless the Income Tax Department gets the notice to file an ITR. Additionally, beyond this date, it will be unable to request a TDS refund for this year. You won't be allowed to carry forward losses from residential property, according to Abhishek Soni, co-founder, and CEO of the income tax filing website Tax2Win.
It is crucial to note that belated or updated ITRs for FY2021–22 must be submitted on or before December 31, taking Form 26AS, AIS (Annual Information Statement), and TIS into account (Tax Information Summary). Therefore, be sure to consider all of the incomes included in these statements. In addition, the time restriction for E-verifying your return has been shortened from 120 days to 30 days, so it's crucial to do so as soon as you file your ITR, according to Soni.
However, after December 31, it will be possible to update earlier returns. "A taxpayer needs to submit the revised return within 24 months of the end of the applicable AY, or they may request a delay accommodation from the tax authorities by justifying the delay. However, the revised return can only be filed with a loss or reimbursement. The deadline to submit the revised return for the fiscal year 2021–2022 is up to 15 months starting on January 1, 2023, and ending on March 31, 2024, with a 25% additional tax, and up to 24 months starting on the last day of the relevant AY, or until March 31, 2025, with a 50% additional tax.