ITR filing last date: What happens if you miss March 31 deadline to file returns

The last date for filing your income tax return, or ITR, for FY 2020/21 (AY 2021/22) is March 31. The original deadline was July 31, 2021, but that was extended because of Covid; the date was revised to December 31, 2021, then February 15, 2021, and finally March 15, 2021.

The last date of March 31 for filing income tax return is under an income tax law that gives taxpayers three months’ window to file belated ITR. Missing the last date for filing ITR is not advisable as it could incur a penalty and demand for interest payment from the income tax department.

What if you miss last date for filing ITR for FY 2020/21 (AY 2021/22)?

The penalty for not filing your income tax return is ₹5,000 under Section 234F of the Income Tax Act. However, if your total income is below ₹5 lakh, then you have to pay ₹1,000 only.

This rule is applicable to all taxpayers and the penalty must be paid even if you are filing for a non-taxable amount. The income tax department can also charge you a penalty of 50 per cent of tax payable and you could, in extreme cases, face a jail term of three years.

Note that in addition to paying penalties you may also have to pay interest — 1 per cent per month or part of the month for tax left unpaid.