What happens if you miss the December 31, 2021 ITR Filing deadline?

The deadline for reporting ITRs for FY 21 (Assessment year 2021-22) has been extended to December 31, 2021 for most salaried taxpayers and other taxpayer groups whose taxes do not need to be audited, offering respite amid growing concerns.

Tax Filing deadlines are

In the case of salaried taxpayers, the deadline for reporting their accounts or ITRs is generally July 31 of the following year, however as of the modified rules, it is December 31 of the following year.

Due date-December 31, 2021 Last date- March 31, 2022

Advantages that you would lose if you miss the December 31, 2021 ITR filing deadline

If you miss the deadline for submitting your ITR, you will not be able to carry your losses forward. So, if you've had losses in the current year and wish to deduct them in future years, be sure to file your ITR as soon as possible.

Income from company, capital gains, or property losses can all be included in the losses. If you receive a refund because of overpayment of taxes, you may not be eligible for interest on that income for the time it was delayed. Besides the interest payment, you will also have to pay interest for the delay in completing the ITR in order to minimise your taxes.

Even if the deficiency is cleared by the end of the fiscal year in March 2021, this is still the case. If you fail to file your Individual Tax Return (ITR) before the due date for Fy 2021/Ay 2022, you may be charged a late fee.

If you fail to file your taxes by the due date, you will be forced to pay a Rs. 5000 late charge. A late fee of Rs. 1000 will be imposed if the amount is less than Rs. 5 lakh. Even if no taxes are due, the late fee is still owed. When a taxpayer's gross income exceeds the stated amount but does not exceed Rs. 5 lakh, the section 87 A refund means no tax is due. Even if the taxpayer has exceeded the set restrictions on electricity or overseas travel, the penalty may still be imposed.