Income tax return (ITR) submitting for AY 2021-22 was July 31. If you’re amongst those that waited for the final date regardless of repeated reminders by the Income Tax (IT) division and then have been unable to file the returns due to some unforeseeable circumstances, you needn’t fear. There remains to be time for you to file your ITR — by December 31, 2022 — however this time you’ll have to pay a penalty. Miss the date once more and it’s possible you’ll land in jail.
Those who missed the July 31 deadline for submitting ITR can nonetheless file the belated ITR by December 31 however with a late charge. The Indian authorities rejected the proposal to lengthen the ITR submitting due dates this 12 months so you’ll have this second go together with some monetary repercussions. Under part 234F of the Income Tax Act, 1961, the taxpayer can be required to pay a penalty of up to Rs. 5,000 for delaying the ITR.
The means of submitting a belated ITR is similar as submitting the standard ITR. However, earlier than you begin submitting a belated ITR, a person is required to pay a late submitting charge which will be paid through the use of challan quantity 280 on-line on the NSDL website or by visiting the financial institution department. As per the regulation, a late submitting charge of Rs 5,000 will likely be levied on people who file belated ITR whose whole earnings exceeds Rs. 5 lakh. For these whose whole earnings doesn’t exceed Rs. 5 lakh, the late submitting charge will likely be Rs. 1,000.
Furthermore, individuals who miss this date as nicely will not give you the chance to file the ITR until the IT division sends a tax discover. Those who file ITR after December 31 might have to pay double the penalty, i.e., up to Rs. 10,000 after the earnings tax division discover. They could also be prosecuted for six months to 7 12 months jail time period as nicely. Apart from the late charge, taxpayers might also have to pay curiosity on the late cost of taxes.
Some taxpayers are exempted from penalty who’ve earnings lower than the essential exemption quantity. These are as follows:
1.) Those who’re beneath 60 years and have a gross annual earnings of Rs 2.5 lakh
2.) Those who’re above 60 years however beneath 80 years of age and have gross annual earnings of Rs. 3 lakh
3.) Those who’re above 80 years of age and have gross earnings of Rs. 5 lakhs.
In order to keep away from all the trouble, we suggest you file your ITR earlier than the deadline from subsequent time onwards. In order to file, work out which ITR type of the 4 varieties to file ITR.
