Tax consultants say that late filing of Income Tax Return (ITR) not only attracts penalty but also does not give an opportunity to the income tax payer to rectify any mistake in the return.
New Delhi. The last date for filing Income Tax Return (ITR Filing) for the financial year 2021-22 for the employed and other ordinary persons was 31st July, which has now passed. Many income tax payers have not filed their income tax returns till the last date. It is not that people who have not yet filed income tax returns cannot do this work now. Even now they can file income tax return, but now they will have to pay a penalty for it.
Tax consultants say that not only will the penalty be paid for late filing of income tax return, as well as the income tax payer does not get a chance to rectify any mistake in the return. The Income Tax Department provides the opportunity to revise ITR to those who file income tax returns on time.
Now have to pay fine
According to a report in Live Mint, tax and investment advisor Balwant Jain says that if a taxpayer has not filed ITR by July 31, 2022, he can still file ITR. But, if you file ITR after the last date, he will have to pay a late fee. If the taxable income of the income taxpayer is up to or less than Rs 5 lakh, then he will have to pay a late fee of Rs 1,000. At the same time, if the taxable income of the income tax payer is more than Rs 5 lakh, then he will have to pay Rs 5,000 as late fee.
Will not be able to revise
Jitendra Solanki, a SEBI Registered Tax and Investment Adviser, says that if an income tax payer files ITR before July 31, 2022, before July 31, 2022, he can also revise ITR in case of an error. Those who file ITR after the due date are not allowed to edit or revise their income tax return.
Late fees may increase
Jitendra Solanki says that if the income tax payer files income tax return after July 31, 2022, he may have to pay a fine ranging from five thousand to ten thousand rupees. Late fee of five thousand rupees will have to be paid on filing ITR by 31st December. At the same time, if an income tax payer does not file income tax return till 31st December and files ITR after that, then he will have to pay Rs 10,000 as late fee. However, an income tax payer whose taxable income is up to or less than Rs 5 lakh has to pay a late fee of Rs 1000 only.
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