Important News! Failure to do so before December 31 will result in a fine of Rs 5,000 – Daily Post Punjabi

Important News!  Failure to do so before December 31 will result in a fine of Rs 5,000 – Daily Post Punjabi

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The deadline to file an income tax return is December 31, 2021. If you pay after December 31, you may have to pay a penalty of Rs 5,000. However, if the taxpayer’s income is within Rs. 5 lakhs, the rule is to pay a penalty of Rs. If you earn more than Rs 5 lakh, the fine will increase.

Let us inform you that the Central Board of Direct Taxes (CBDT) has once again extended the last date for filing ITR for the financial year 2020-21 to 31 December 2021. Filing an ITR after December 31 will incur a penalty of Rs 5,000. Filing a return after the date given by the government can result in a fine of up to Rs 5,000. This is mentioned in section 234F of the Income Tax Act. However, if the taxpayer’s income is within Rs. 5 lakhs, the rule is to pay a penalty of Rs. If you earn more than Rs 5 lakh, the fine will increase.

Find out which people will be fined

Those whose total income is less than the basic exemption limit will not be penalized for delay in filing ITR. If the total income is less than the basic exemption limit, there will be no penalty under Section 234F for late filing of return.

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