No change has been made by the Income Tax Department in the deadline of July 31 for filing income tax returns in the financial year 2021-22. Despite complaints made on social media regarding the income tax portal, the department has not extended the due date. In the financial year 2021-22 till July 31, salaried and individual taxpayers filed a total of 5.83 crore Income Tax Returns (ITRs). The Income Tax Department said that 5.89 crore ITRs were filed in the last financial year. This time 72 lakh ITRs were filled on the last day on Sunday. The department said that the time for verification of ITR has now been reduced from 120 days to 30 days. Its notification was issued on July 29.
In such a situation, questions are being raised that after all, what will happen to those who have not filed returns till August 1, what will happen to them? Can the Income Tax Department take any action against them or will the opportunity for them to pay taxes remain intact. Let’s know…
1. There is provision for fine
As per the rules of the government, those tax payers who have not been able to file their returns by July 31, still have the opportunity to file income tax. People can file income tax till 31st December. However, after the deadline, people will now have to pay a fine for it. According to the Income Tax Act of 1961, those who pay tax after July 31 will have to pay income tax along with interest under section 234A.
2. On whom the rule of how much fine?
After July 31, tax providers will get a chance to file returns with penalty. However, the amount of penalty will be different for different income groups.
- Those with an annual salary of up to Rs 5 lakh can file returns by December 31 with a fine of Rs 1,000.
- Those with an annual salary of more than Rs 5 lakh can file their return with a late fee of Rs 5,000.
- There will be no penalty for filing tax returns of those whose annual income is less than the exemption limit. However, there is a screw in this…
Under the new tax regime, there is a provision for exemption from income tax for those earning less than Rs 2.5 lakh. That is, if an income tax provider earns less than Rs 2.5 lakh annually, then he will not have to pay any late fee in filing IT returns.
What’s the problem if you miss the deadline?
If the consumer fails to file income tax return by the deadline of July 31, then he will also have to pay interest of one percent on the fixed tax (outstanding amount). That is, from August 1, the tax providers will have to pay the amount of interest along with the tax. Not only this, if a consumer files tax return on or after 5th of any month, then he will have to pay interest for the whole month.
What if you miss to file your return by December 31?
If tax payers miss the deadline for filing income tax returns of December 31, they will have to file an appeal for condonation before the income tax commissioner of their ward. Only then will they be allowed to carry forward the refund or loss. For this, the department has come out with a form ‘ITR U’, in which the consumer can file the return with the updates. In this, he will also have to explain the reason for late deposit of tax on the income. E.g. Return not filed earlier, wrong reporting of income, tax levied at wrong rate, etc.
Expansion
No change has been made by the Income Tax Department in the deadline of July 31 for filing income tax returns in the financial year 2021-22. Despite complaints made on social media regarding the income tax portal, the department has not extended the due date. In the financial year 2021-22 till July 31, salaried and individual taxpayers filed a total of 5.83 crore Income Tax Returns (ITRs). The Income Tax Department said that 5.89 crore ITRs were filed in the last financial year. This time 72 lakh ITRs were filled on the last day on Sunday. The department said that the time for verification of ITR has now been reduced from 120 days to 30 days. Its notification was issued on July 29.
In such a situation, questions are being raised that after all, what will happen to those who have not filed returns till August 1, what will happen to them? Can the Income Tax Department take any action against them or will the opportunity for them to pay taxes remain intact. Let’s know…
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