ITR Filing: The last date to file Income Tax Return or ITR for the assessment year 2021-22 (ITR Filing Last Date is 31 March 2022. Those who missed to file their ITR by the due date of 31 December 2021) However, filing ITR after the due date will attract penalty depending on the income tax slab the taxpayers fall in. If a taxpayer does not file his ITR even on the last date, he may also have to go to jail for this Income Tax Return Violation. The jail sentence can be minimum 3 years and maximum 7 years.
50 to 200% fine
Mumbai-based tax and investment expert Balwant Jain, speaking on the last date of income tax returns, said that in case of failure to file ITR by the last date, the Income Tax Department will impose a penalty of 50 per cent to 200 per cent on the actual income tax expenditure of the taxpayer, apart from tax and interest. can put Unless a taxpayer files his ITR in response to the Income Tax notice from the department, the Government of India has the power to prosecute the taxpayer.
Punishment from 3 to 7 lakhs
Explaining the rules of prosecution in the Income Tax Rules, Balwant Jain further said, “The existing Income Tax Rules provide for minimum 3 years imprisonment and maximum 7 years imprisonment. It is not that the department can initiate prosecution. In each instance of failure to file ITR, the income department can prosecute you only if the amount of tax exceeds Rs.10,000.
how much is late fine
Speaking on the late fee involved while filing ITR after the due date but before the last date, Pankaj Mathpal, MD & CEO, Optima Money Managers said that if a taxpayer has missed to file ITR by the due date of December 31, 2021, then He can still file his income tax return till the last date of ITR 31 March 2022, but the taxpayer will have to pay a late fee of Rs 5,000 at the time of ITR filing if his taxable annual income is more than 5 lakhs. If one’s taxable annual income is less than 5 lakhs, then in that case the late fee will be Rs 1,000. He advised taxpayers to file ITR by the last date and avoid penalty of 50 to 200 per cent on actual income tax expenditure or punishment of 3 to 7 years.