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.