Missed the ITR filing? here's you'll need to know

July 31st is gone and so is the deadline for filing your ITR. Over 63.47 lakh income tax returns were filed till 10 pm on the last, for filing ITR for the 2021-22 fiscal by salaried individuals.

July 31 was the last day for filing ITR for the 2021-22 fiscal by salaried individuals.

ITR filing went up till midnight, after which the tax-return filers will have to pay a late fee for delayed filing. Till July 30, more than 5.1 crore tax returns were filed.

Over the last one month, the I-T department has been nudging the taxpayers to file their ITRs for the 2021-22 fiscal to avoid the levy of the late fee.

Late fee charges

According to tax laws, a late fee of Rs 5,000 would be payable by those with an annual income of over Rs 5 lakh, if they file their ITR by December 31 of the assessment year.

Individuals with an annual income of below Rs 5 lakh will be liable to pay a late fee of Rs 1,000 for delayed return filing. Besides, those who have outstanding unpaid tax will have to shell out an additional 1 per cent interest per month for delayed filing.

The late fee will not apply to those taxpayers whose income is below the taxable limit.