The last date for filing returns has been fixed by the government as 31 December 2021. But with penalty, you can file ITR till March 31, 2022. But the question comes that what will be the penalty for late ITR filing?
The government has fixed 31 December 2021 as the last date for filing returns. If you file your return after December 31, you will have to pay a penalty. You will not have to pay any penalty for filing the return on time.
But the question comes that what will be the penalty for late ITR filing? Talking about the penalty, according to the tax rules, people of different income groups may have to pay different penalties for late filing of ITR. Let us know that according to your earnings, how much late fee or penalty may have to be paid for late filing of tax?
Penalty will be imposed under section 234F
Taxpayers filing late return will have to pay penalty under section 234F of the tax law. Taxpayers earning up to or less than Rs 5 lakh may have to pay a late fee or fine of up to Rs 1000.
Penalty on more than 5 lakhs
According to the tax law, if a taxpayer’s income exceeds Rs 5 lakh and he files late returns, he may have to pay a fine of up to Rs 10 thousand.
Full month’s interest on delay of 1 day
If a taxpayer files the return even after one day of the stipulated time, then he will have to pay a penalty. This penalty or late fee will have to be paid by a taxpayer by paying one percent interest for the whole month.
Refunds will be delayed
If you are one of those taxpayers whose tax has been deducted more than the prescribed limit and you file the return even a day late, then you will also get a delay in getting the refund.
Will not get chance after March 2022
If even after March 2022, you are not able to file the return for the financial year 2020-21, then you will not get any chance to file the return even with the penalty. You will not be able to file the return for 2020-21 again.
Notice will come if not filled!
Even if you do not file your return by March 2022, you may get an income tax notice as a result. Apart from the fine, if your assessing officer feels that you have hidden things or have given wrong information regarding tax, then you can also be jailed from 6 months to 1 year.
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