Income Tax Return Filing: It is mandatory for the taxpayers to file Income Tax Return. A deadline is issued by the government to fill it, within which taxpayers have to pay tax in any case. But some people are not able to file their Income Tax Return even by the due date. After that they have to pay tax along with fine. This penalty is collected as Income Tax Return (ITR) late fee.
have to pay fine
The last date for filing Income Tax Return (ITR) for the financial year 2021-22 was 31 July 2022. Taxpayers whose accounts are not required to be audited were to file income tax returns by this date. Such taxpayers who have not filed ITR by July 31 will have to pay a fine of Rs 5000 i.e. late fee.
Know till when you can pay tax?
The last date for individual or HUF or AOP or BOI (whose accounts are not to be audited) was July 31, which has passed. At the same time, the deadline for the accounts to be audited is 31 October 2021. Apart from this, business people whose TP report is required can file ITR till 30th November.
Know what are the terms and conditions?
Those whose date of 31 July has passed and they could not file their return due to some reason, they will now be able to file their return till 31 December 2022, but there will be some conditions. This return is called belated return, late return or revised return. Under this facility, you will file the return but you will be deprived of the benefits of interest and set-off, along with paying some penalty.
Date is till 31st October
Salaried individuals were required to file their income tax returns by 31 July, while corporates or those who need to audit their accounts can file their returns by 31 October of the assessment year. In such a situation, these people will not face any penalty for filing ITR return by 31 October.
Income tax filing is mandatory
Significantly, the department has been continuously requesting the taxpayers to submit the returns within the stipulated time to avoid the burden of late fee. However, this year a large number of taxpayers have filed returns as compared to the previous years. At the same time, now the holders of the account to be audited should also fill the tax in time.