ITR Filing: The deadline for filing income tax returns is over. The last date for filing income tax returns was till 31 December 2021, which has not been extended. But if you have not filed income tax return within this time limit then there is no need to worry. Yes, it is necessary that for late filing of income tax return, you will have to pay some penalty.
ITR can be filed till 31st March 2022
If you were not able to file your ITR till 31st December 2021, then you can file your return till 31st March 2022. But, for this you will have to pay a fine. Late filers have to pay penalty fees.
how much is the penalty
If you filed the return for the assessment year 2021-22 after December 31, 2021, the deadline for filing income tax returns, then a penalty of Rs 5000 will have to be paid. If the income is less than Rs 5 lakh, then penalty of Rs 1000 will have to be paid. If you filed income tax return for the assessment year 2021-22 after March 31, 2022, then you will have to pay a penalty of Rs 10,000. For not filing ITR by March 31, 2022, the Income Tax Department can also levy a penalty equal to 50 percent of the tax due, which you did not deposit by not filling the ITR. Apart from this, you can also go to jail. The government has the right to prosecute you. If you do not file ITR within the stipulated time frame, you can also be sent to jail.
ITR dates extended several times
The first last date for filing income tax returns for assessment year 2021-22 was July 31, 2021. Later it was extended till 20 September, then it was increased to 31 December 2021. According to the Income Tax Department, 5.89 crore income tax returns have been filed on the e-filing portal till 31 December 2021.
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