If you have not filed income tax return for the financial year 2020-21, do it by 31st March. Right now it can be filled with late fee but if you miss to file your ITR even by this last date then you can get into trouble.
The last date for filing income tax returns for the financial year 2020-21 (AY 2021-22) was 31 December 2021. According to the Income Tax Department, 5.89 crore income tax returns were filed on the e-filing portal till this date. But, if you are not among those who have filed their Income Tax Returns, now is the last chance for you to do so. After that you can also go to jail. To avoid this, you must file your income tax return by 31st March.
If you have not filed ITR yet, now you have time till 31st March 2022. You can fill it till this date. However, for this you will also have to pay a fine. There is a penalty for late filing of ITR. In this regard, tax expert Balwant Jain said that if the income of the person is more than five lakhs, then he will have to compulsorily pay a fine of five thousand rupees for late filing of ITR.
However, here is some relief for those whose income is less than Rs 5 lakh. Balwant Jain informed that people earning less than five lakh rupees have to pay penalty fee, but it is not five thousand rupees but only one thousand rupees. Now according to this, you can understand how much fine you have to pay for late filing of income tax return. But, if you do not file income tax return by 31st March, then the trouble may increase.
Balwant Jain said, “For non-filing of ITR even by March 31, 2022, a penalty of up to 50 per cent of the tax that the person wanted to hide or avoid by avoiding filing ITR can be imposed by the Income Tax Department. Apart from this, he said that the person can also be jailed.
Jain said that ‘little people know about this that the government also has the right to prosecute a person who does not file income tax return. In such a situation, if the ITR is not filed by the last date, then the person can also be sent to jail.
