The last date to file Income Tax Return (ITR) for the assessment year 2021-22 is March 31, 2022. Those who have missed to file their ITR by the due date of 31st December 2021 still have a chance. Such people can file ITR till March 31.
However, filing ITR after the due date will attract penalty depending on the income tax slab they fall in. Those taxpayers who are unable to file their ITR even on the last date may have to face jail time. The prison sentence can be a minimum of 3 years and a maximum of 7 years.
Speaking on the last date of Income Tax Return, Tax Expert Balwant Jain said, “Failure to file ITR by the last date, the Income Tax Department can levy a penalty of 50 per cent to 200 per cent on the actual income tax expenditure of the taxpayer apart from tax and interest. Unless a taxpayer files his ITR in response to the Income Tax notice from the department, the Government of India has the power to prosecute the taxpayer.”
According to Balwant Jain, there is a provision of imprisonment of minimum 3 years and maximum 7 years in the existing income tax rules. The Income Tax Department can prosecute only if the amount of tax exceeds Rs.10,000.
