Income Tax Calculator: People in the country have to file Income Tax Return once in a year. For those people whose income is taxable, then it becomes very important to file ITR.
Income Tax Return Filing: Every year people have to file Income Tax Return. People are also given time by the government for this process. At the same time, people are also told a fixed date so that people file income tax returns by that date. However, some people are not able to file their Income Tax Return even by the stipulated date, after which they have to bear the penalty. This penalty is collected as Income Tax Return (ITR) late fee.
Feel fined
The last date for filing Income Tax Return (ITR) for the financial year 2021-22 was Sunday 31 July 2022. This means taxpayers whose accounts are not required to be audited were required to file income tax returns by this date. Individual income tax payers who have not filed ITR by July 31, if their income is taxable, will have to pay a penalty of Rs 5000.
31 October these people can file
Salaried individuals are required to file their income tax return by 31st July, while corporates or those who need to get their accounts audited can file their returns by 31st October of the assessment year. In such a situation, these people will not face any penalty for filing ITR return by 31 October.
So many returns filed on the last day
At the same time, the last date for submission of Income Tax Return (ITR) for the financial year 2021-22 for individual income tax payers was 31 July. More than 63.47 lakh returns had been submitted till 10 pm on the last day, Sunday. The Income Tax Department has set July 31 as the last deadline for submission of ITR.
Was constantly requesting
The department has been continuously requesting the taxpayers to submit the returns within the stipulated time to avoid the burden of late fee. Earlier, till July 30, more than 5.10 crore returns had been filed. With the ITR filed on Sunday, the total number of income tax returns for the financial year 2021-22 has crossed 5.73 crore.
