New Delhi: There is no extension to filing income tax return (ITR), and today, July 31, is the last day for filing the tax return for the financial year 2021-22 or assessment year 2022-23.

While taxpayers have requested the government to extend the due date for filing ITR, the government has refused to do so.

Many users have complained about technical glitches on the e-filing website. However, the centre has made it clear that there is no plan to extend the ITR filing due dates this year.

The hashtag “#Extend_Due_Date_Immediately” was trending on Twitter, with widespread requests for an immediate extension. But today is the last day.

If you miss the July 31 deadline, you still have until December 31, 2022, to file the return. However, there will be a late fee. There will be further financial repercussions as well.

For taxpayers with a yearly income up to ₹ 5 lakh, there is a ₹ 1,000 late fine. The late fee is ₹ 5,000 if your yearly income exceeds ₹ 5 lakh.

However, you won’t be required to pay a late filing penalty if your total gross income is less than the basic exemption amount.

The income tax regime determines the basic exemption threshold you select. For taxpayers under 60, the basic tax exemption ceiling under the older regime is ₹ 2.5 lakh.

The basic exemption threshold for those aged 60 to 80 is ₹ 3 lakh. The exemption threshold for those over 80 is set at ₹ 5 lakh.

Under the new concessional income tax regime, the basic tax exemption limit stands at ₹ 2.5 lakh, irrespective of the age of the taxpayers.

Gross total income is the amount before any deductions allowed by sections 80C through 80U of the Income Tax Act.

Missing deadlines have several consequences in addition to the late fees. If you miss the deadline, you will have to pay interest on the late tax payment.

You can deposit the unpaid tax if you file the return before the deadline. However, if you miss the deadline, you will be compelled to retroactively deposit the unpaid tax and interest as of July 31.

The interest for the entire month must be paid at a rate of 1 per cent per month if the unpaid balance is paid after the fifth day of any given month.

A taxpayer can lower their responsibility by adjusting losses from commercial activities or selling property against other incomes. The ITR must be submitted before the deadline for the losses to be carried forward.

According to the Income Tax Act, company losses (apart from speculative losses) may be offset against any head of income, except salary income.

Any unadjusted loss may be carried forward for eight fiscal years following the current fiscal year and offset against any permitted business revenue. For instance, business losses in the fiscal year 2020–21 may be offset by business earnings in the fiscal years 2021–22 and after.

The Income Tax Department may give you a notice for failure to file by the deadline or mismatch.

There is a huge penalty if you owe taxes. “If you find additional income in AIS or other documents which were not declared in original return or not filed at all, then you have to pay 50 per cent additional tax of this pending tax amount if filing updated return within a year and 100 per cent additional if filing after one but before two years,” he said.

If you submit your revised return after December 31, but before that date has passed, you must use a new form, ITR U, and explain why your income has changed.

The following are possible causes:

• Previously unfiled returns.
• Income that was not reported accurately.
• Incorrectly selected heads of income.
• Reduction of carried forward losses.
• Reduction of unabsorbed depreciation.
• Reduction of tax credits under Sections 115JB and 115JC.
• Incorrect tax rate.
• Others.

How To File Income Tax Returns

Here is how to file your ITR through the e-filing portal:

* Go to the e-filing website, https://www.incometax.gov.in/iec/foportal.

* Log in to your account if you have already registered or create a new registration by providing the required personal and communication details.

* Once logged in to the portal, click on the “e-file” tab and then on “File Income Tax Return.”

* Select the Assessment year and click on “Continue.”

* Submit your choice whether you wish to file your returns online or offline.

* Select “Individual” in the status applicable to your filing and then choose the income tax returns (ITR) you wish to file. Most salaried individuals file their returns with ITR -1 form.

* You will next be asked to specify the reason for filing ITR among the available options. Submit your choice and move to the next step to provide your bank details or validate them.

* Declaration tab – Once the taxpayer fills all details in the ITR-1 form, they are required to fill in requisite information in the declarations verifying that all details provided in return are correct and complete.

* Verify the submitted information to avoid any error and click on “Proceed to Validate.”

* Once the income tax return is filed, taxpayers will receive an SMS/ email intimation verifying the ITR filing.