NEW DELHI: It is important to note for the taxpayers that the last date for filing ITR (Income Tax Return) for the financial year 2020-21 and assessment year 2021-22 is Thursday 31st March 2022.
Every individual whose total income for a financial year exceeds Rupees 2.5 lakh must file their returns as soon as possible otherwise they might face consequences.
Missing the deadline by the citizens might result in a penalty and also leads to demand for interest payment from the IT (Income Tax) Department.
The first deadline provided for filing returns was 31 July 2021 but the date was extended two times once to 30 September and then to 31st December due to the spread of COVID-19 infection across the country.
So the last date to file returns for the FY 2020-21 was 31st December 2021 but most notably on missing the first deadline government allows a 3-month window to file belated ITR.
The income tax law that provides taxpayers a three-month window for filing returns will now end in two days. Now the date 31 March is the last chance for the eligible people to voluntarily file the belated Income Tax Returns for the assessment year 2021-2022.
1. A penalty of Rupees 5,000 under 234F section of Income Tax Act and people with income below Rs 5 Lakh will pay Rs 1000 as a penalty.
2. The penalty is a must even on filing for a nontaxable income otherwise you will be charged with 50% tax payable and could face imprisonment for 3 years.
3. You might also have to pay 1% interest every month or part of the month.
4. You will also lose any refund due from TDS (tax deducted at source) collection.
5. You may face higher TDC on not filling returns and under a proposal in the 2021 budget non-filters would face TDC at twice the usual rate.
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