Not filing ITR can result in higher TDS next year. The last date to file ITR for AY 2021-22 is 31st March, 2022.
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What Might Happen If You Don’t File ITR By March 31?

  • Under Section 270 of the Income Tax Act, 1961, the I-T department can levy up to 50 per cent penalty.
  • Apart from the 50 per cent fine, the taxpayers will also have to pay interest on the amount for the number of days till the date of filing ITR.
  • Under Section 234F, a mandatory Rs 5,000 fine has to be paid if the ITR is submitted later than December 31, 2021. This is applicable for an annual income of more than Rs 5 lakh.
  • For people with an income less than Rs 5 lakh, the fine is Rs 1,000.
  • Also, in the case of non-filing of the ITR, the taxpayer is not entitled to receive any interest on the refund of excess taxes paid for the delay period, Business Standard stated.

Radhika Goyal is Author of Taxconcept Gurugram head office, for deeply reported tax, gst and income tax articles on issues that matter. He splits her time between New Delhi and Bengaluru, and has worked...