ITR Filing: If you have not filed Income Tax Return for FY 2020-21 and Assessment Year 2021-22, then you have only five days left. File your income tax return before 31st March 2022. Because fill the income tax return immediately. According to tax experts, the last date to file ITR for AY 2021-22 is March 31, 2022. After March 31, 2022, income tax return for assessment year 2021-22 cannot be filed. Apart from this, non-filing of ITR may result in paying more TDS next year. As per the new provisions being introduced by the Finance Bill, 2022, there will be an additional liability of 25% on updating the tax return.
Actually, the deadline for filing income tax returns has ended on 31 December 2021. Which was the last date for filing income tax return. But if you have not yet filed Income Tax Return for FY 2020-21 and Assessment Year 2021-22, 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 have not filed your income tax return by 31st December 2021, then you can file your income tax 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. 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. After that 31 December 2021 was the last date for filing income tax return. According to the Income Tax Department, 6.63 crore Income Tax Returns (ITRs) have been filed so far for the assessment year 2021-22.