Missed Income Tax Return filing? Here’s what you can do as per ITR rules

New Delhi: The last date for filing Income Tax Returns has passed, which was fixed as July 31 for this year. A penalty will be imposed on those who have missed the deadlines, though the crucial work can be done with a mere fine of Rs 1000, read on to know how.

ITR can be filled till December 31

According to the rules of the Income Tax Department, the amount of penalty has been fixed at Rs 1,000 for an income of Rs 5 lakh or less. While if your income is more than 5 lakhs, you will be required to pay a fine of Rs 5,000.

However, in both cases, if a return is not filed after the last date before December 31, 2022, then this penalty will be doubled.

Section 234F

As per Section 234F of Income Tax, Rs 5,000 will have to be paid as a penalty for filing ITR after the last date of filing the return. Whereas, if the total income of a person under the tax regime chosen by him does not exceed the basic exemption limit, he will be exempted from any penalty while filing a belated ITR.

ITR Verification

Out of the ITRs filed so far, more than 3 crore income tax returns are in the process of getting verified. A proper submission of ITR verification is significant to receive the refund without any interruption.

If your mobile number and PAN number are linked with Aadhaar, then this work can be accomplished using Aadhaar based one-time password (OTP).