If you have missed to file the income tax return or F.Y.2021-22 before the due date then you need to file belated income tax return under sec.139(4) of Income Tax Act,1961 before 31st December,2022.
This is the last chance to file tax returns failing which action may be initiated by the Income Tax Department by issuing notices and levying penalties. However belated tax filing comes with late fee under sec.234F and additional interest under sec.234A of the Income tax Act besides losing the benefit of carry forward losses if any.
Late fee u/s.234F
|Income||Late fees (Rs.)|
|Below 5 lakhs||1,000|
|Above 5 Lakhs||5,000|
Interest u/s. 234A would be 1% per month on the taxes unpaid.
If there are any business losses or losses under capital gains the same cannot be carried forward in belated income tax returns.
A word of caution ! Better late than never. Not filing tax return just to avoid interest and late fees would be a wrong step. Complete your tax filing process before you are noticed.