ITR Filing Last Date: The last date to file ITR is near. It is important that you file your ITR before 31st July 2022. If you delay with this then legal action can be taken against you.
ITR Filing Update: The last date for filing Income Tax Return (ITR) for the Financial Year 2021-22 (Financial Year 2021-22) or Assessment Year 2022-23 (AY 2022-23) is near. Starting from June 15, 2022, the process of ITR will continue till July 31. It has already been clarified by the Income Tax Department that this time the last date will not be carried forward at any cost. Therefore it is important that you file your ITR as soon as possible.
One mistake will land you in jail!
If you have not filed ITR by the due date, then you will have to file income tax with late fee. For this, there is an option to file Income Tax Return (ITR) with a late fee of Rs 5000. During this, your one mistake can feed you till the air of jail. That is why it is important that you must be aware of the rules related to it. Let us know about the rules related to income tax.
5000 rupees late fee
Tax and investment expert Ashish Mishra on income above 5 lakh can file. Late fee is Rs 1000 for annual income less than Rs 5 lakh and Rs 5000 late fee for income above Rs 5 lakh.
Penalty ranging from 50 to 200 percent
Ashish says that on filing ITR by the last date, the tax payer has the option of rectifying it. But if you have not filed the return, then you do not get the benefit of this facility. For non-filing of ITR, the tax payer can also levy a penalty of 50 to 200 percent on the amount of income tax. This right belongs to the Income Tax Department.
Jail will be in this condition
Ashish says that the government can also prosecute those who do not file ITR. According to the current income tax rules, there is a provision of imprisonment of not less than 3 years and maximum of 7 years in this. However, the taxpayer cannot be prosecuted in every case. This can be done only if the amount of tax is more than Rs.10 thousand.
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