What is the Last ITR Filing Date and Penalty for Late Filing of ITR?

Buy a Life Insurance Plan in a few clicks

Now you can buy life insurance plan online.

Kotak e-Term Plan

Protect Your family’s financial future with Kotak e-Term Plan. Know more

Kotak Assured Savings Plan

A plan that offer guaranteed returns and financial protection for your family. Know more

Kotak Guaranteed Savings Plan

A plan that offers long term savings and insurance in one premium. Know more

Kotak e-Invest

Insurance and investment in one plan with Kotak e-Invest. Know more

Kotak Health Shield

Insurance against medical expenses related to heart, brain, liver and Cancer. Know more

What is the Last ITR Filing Date and Penalty for Late Filing of ITR?

What is the Last ITR Filing Date and Penalty for Late Filing of ITR?
  • 1st Aug 2019 |
  • 4,330

Paying taxes is a moral and lawful duty of every citizen of India. If your annual income is taxable, it is expected that you pay it on time every year, or you will face heavy penalties. If you are not aware of the ITR return last date 2021 then this article will help you know that and other important information regarding income tax returns.

Income tax filing due dates for FY 2020-21 (AY 2021-22)

Usually, the due date to file an income tax return is 31st July for individuals and non-audit cases and 31st October for audit cases of the relevant assessment year. However, the income tax return due date is extended explicitly for FY 20-21 from 31st July to 31st December 2021 (individuals and non-audit cases) and to 15th February 2022 for audit cases, due to the pandemic.

Late filing penalty fees

If you miss the ITR return last filing date for some reason, then you will have to pay a significant amount of fees to the Income Tax (IT) Department. .

However, with effect from FY 2020-21 (AY 2021-22), the penalty amount has been reduced by half, i.e., a person filing belated ITR will have to pay a penalty of up to ₹5,000. Further, if your income is below the taxable limit then you won’t even have to pay the penalty amount if you file your ITR after the deadline, subject to certain exceptions.

Benefits of filing return on time

If you want to avoid the penalty for late filing of income tax, you have to pay it before the deadline. There are many benefits of filing the ITR on time. Here are the ones that you must know about:

  • Avoid paying extra Interest on your tax
  • You have to pay 1% of interest per month on the tax payable amount. So, if you file the ITR early, you can avoid paying any additional interest, as it is applicable until you submit the return.

  • Earn interest on refund
  • If you are eligible for any income tax refund, you will receive it only if you file your ITR on time. You also receive interest on the refunded amount. However, if you do not submit the ITR on time, you are not eligible for it.

  • The option to make modifications
  • If you notice that you have made a mistake while filing your ITR, you can report the error and correct it. Doing this is important to submit an error-free return. However, this benefit is available only when you file the ITR on time.The filing errors cannot be corrected if you submit your ITR after the due date.

    Paying any penalty for late filing can be easily avoidable if you are aware of the important dates regarding the ITR. Filing the return is simple as you can complete the whole process online by visiting the Income Tax Return website.

Read Here for More Related Articles:

Download Brochure


  • Increasing Life Cover*
  • Guaranteed^ Maturity Benefits
  • Enhanced Protection Through Riders
  • Tax Benefits
  • Dual Benefits: Guaranteed^Maturity + Death benefits

Ref. No. KLI/22-23/E-BB/999


Browse our library of resources

Download Brochure


  • Enhanced Protection Through Riders
  • Life Cover
  • Tax Savings
  • Multiple Premium Payment Terms
  • Guaranteed @ Loyalty Addion
  • Accrued Guaranteed @ Additions

Ref. No. KLI/22-23/E-BB/490


- A Consumer Education Initiative series by Kotak Life

Similar Articles

How to Save Tax on Salary Arrears?

9 Income Tax Myths That Could Cost You Money while Filing returns

Are Financial Planning and Tax Planning the Same Thing?

All about TDS on Salary under Section 192 – Kotak Life

How to File Income Tax Return - Everything You Need to Know

E-Filing of Income Tax Returns in India

What is the Percentage of Tax Deducted at Source (TDS)?

Income Tax Deductions & Exemptions under Sections 80C, 80D & 80DDB for FY 2021-22 & 2022-23

Tax Exemption and Scope of Coverage

Penalty For Late Filing TDS Return

What is Form 26AS - All You Need To Know

Income-Tax Liability- The Difference Between Gross Income & Total Income in Calculating Income Tax

What To Do If Your TDS Is Not Deposited With The Government?

8 Things to Help You Select a Savings Investment plan

Tax Season Is Coming- Know How to Save Tax

What is the Maximum Maturity Benefit in Assured Savings Plans?

Should one prefer a guaranteed savings plan over monthly income schemes?

What is Section 80CCC of the Income Tax Act 1961

Section 80G of the Income Tax Act

How to Check Income Tax Refund Status Online in India

आयकर रिटर्न (आईटीआर) फॉर्म के प्रकार

Tax Benefit of Investing in Term Plan

How to Download Form 16?

How To Save Tax Better with 80C

What is Form 16A?

Difference Between Guaranteed and Assured Returns

A Complete Guide for Filing ITR 3 Form

What are Deferred Savings Plans?

How can I get Form 16B from traces?

Why Tax Planning Should Be an All-year Round Activity

सुकन्या समृद्धि योजना (SSY) के कर लाभ क्या हैं?

Investment Proofs You Need Submit To Lower TDS Cut From Your Salary

What is Tax Evasion and What Are The Penalties For Tax Evasion In India?

How to Calculate returns on an assured savings plan?

Pradhan Mantri Suraksha Bima Yojana

How To Save Tax Using Life Insurance?

Problems People Face with Tax Returns after a Job Change

5 Popular Tax-Saving Schemes in India

How to e file ITR on Income Tax Government Portal

Tax Saving Options other than Section 80C

Top 8 Tax-Saving Methods in India- Budget Planning

Sub-sections Under Section 80C of the Income Tax Act, 1961

A Guide to Life Insurance Policy’s Tax Benefits and Taxability

How to Pay Advance Tax Online in India

Section 10 (10d) of Income Tax Act, 1961 on Payouts of Life Insurance Policy

Income Tax Deductions for Disabled Person Under Section 80U

TDS Due Dates of FY 2020-21 For Return Filing

LTC Cash Voucher Scheme October 2020 – Everything You Need to Know

52 Weeks Savings Plan: Daily Savings Plans for a Better Tomorrow

Income Tax Exemption for Disabled

All You Need to Know About Section 80C

Tax Saving Guide for 2019-20

How to File ITR Online

भारत में महिलाओं के लिए सरकारी योजना

Tax Saving for Self Employed in India

List of Important Income Tax FAQs

Can You Get Term Insurance Without Income Proof?

Types of Riders in Insurance Policy

इनकम टैक्स रिटर्न कैसे फाइल करें?

Why is Form 16 Important?

What is Form 16B?

What is Section 80C Deduction?

Presumptive Taxation for Business and Profession

How to Save Income Tax with Insurance

What is TDS Refund Process?

Impact of GST on Life Insurance in India

Income Tax Filing Using Multiple Form 16

What are the Different Types of Taxes in India?

Tax Planning and Tax Benefits of Life Insurance

आयकर स्लैब 2021-2022

Tax Deductions You MUST Know

What is TDS Slab?

Understanding Tax Exemptions in ULIP (Old and New)

Section 16 of the Income Tax Act (ITA), 1961

Do Beneficiaries Pay Taxes on Life Insurance?

Home Investment Plan to Buy Dream Home

What is a savings plan?

Union Budget Highlights – 1st February 2022

What is ITR & How to File Income Tax Return?

How to save tax for salaried person?

Tax Saving Tips: Best Ways to Save Income Tax for 2021

Section 80E: Tax Exemption on Interest on Education Loan

How to View 26AS and Download Form 26AS Online

Who Should Invest In Savings Plan

How to Check Income Tax Returns Status Onine?

ITR-6: Guide to filing ITR-6 Form online

ITR 2 Form – Complete Guide

Things to Do After Filing Income Tax Returns

Interest Imposed Under Sections 234A, 234B and 234C

What is Section 80C - Explained in Detail

प्रत्यक्ष कर और अप्रत्यक्ष कर में क्या अंतर है?

How to Get Form 16?

How Much Money This Budget 2019 Can Help You Save

Income Tax Deductions Under Section 80C

Tax Benefits for Startups in India

What are Direct Taxes? How to Avoid being Overtaxed?

Financial Planning and Best investment options for Housewives

How to File Income Tax Return without Form 16

How to Check Income Tax Refund Status Online in India

धारा 80डी आयकर अधिनियम, 1961

How to file Form 16 online?

What is Section 195 of the Income Tax Act? TDS on Non-Residents of India

How to View 26AS and Download Form 26AS Online?

Difference between Section 80C, 80CCC, 80CCD & 80D

Saving Income tax in 2017 - 18

Income Tax Deduction Under Section 80CCC In India

5 Unusual Investments You Didn't Know for Saving Taxes in India

ITR 1: Sahaj Form

What is Tax Deduction at Source (TDS)?

Save Income Tax by 31st March: Here Is a Checklist

What is HRA (House Rent Allowance) and How is HRA Exemption Calculated?

Investing Lump Sum Amount

How to File Form 10E for Tax Relief on Salary Arrears?

Challan 280 - How to Use Challan 280 to Pay Income Tax

Tax Saving Options for Salaried Employees

What is Section 80C Deduction Limit?

What is Section 10D of the Income Tax Act?

What is Salary Protection Insurance and Why You Need It

What is the TDS Rate on Salary?

What is the Difference between Form 16 and Form 16A?

How to e-Verify your Income Tax Return

Tax Benefits of ULIP Plans Available for NRIs

Tax Structure in India

What is the Difference Direct Tax and Indirect Tax

Guide for Tax Calculation on your Salary

Financial Benefits and Government Schemes Every Woman in India Should Know

Guaranteed Return Plans-Why is it a must for you?

Insurance and Endowment: Everything You Need to Know!

How to File TDS Return?

Excess TDS Deduction – Claim TDS Refund

What Investment Options Come with Tax Incentives?

Received an Income Tax Notice? Your Guide to Understanding Intimations under Section 143 (1)

How to File Form 16 for Salaried Employees?

Section 80D - Medical and Health Insurance Tax Benefits Under Section 80D

Section 44AD of Income Tax Act for AY 2021-22

Types of Income Tax Return (ITR) Forms

Income Tax Filing For NRI in India

Income Tax Slabs and Rates in India for FY 2021-22/AY 2022-23

What is TDS Exemption Limit?

Income Tax Exemption for Physically Handicapped Dependent

Income Tax Benefits for Doctors

Tax-Savings Investments and Options in India

When Should TDS be Deducted and Who is Liable to Deduct it?

Why January Is an Important Month for Saving Tax?

Tips to plan your savings in 2019

Budget 2019: Impact on the Common Man in India

How to File Income Tax Return for First Time Tax Payers

Everything You Need to Know About Tax Benefits of National Pension Scheme (NPS)

Have You Considered Term Insurance a Part of Your Tax Planning?

Section 80C Deductions as per Income Tax Act, 1961

धारा 80सी आयकर अधिनियम, 1961

What Is Advance Tax and How Is It Calculated?

A Comprehensive Guide to Understand the ITR 7 Form

Tax-Free Income in India

What is ITR 5 Form and How to File ITR 5?

All about TDS Payment Online & Due Dates