Income Tax Return Filing: Every year people have to file Income Tax Return. The government also allows people time for this procedure. Along with this, people are also told a certain date so that people file income tax returns by that date. However, some people are not able to file their income tax returns even by the due date, after which they have to pay a fine. This fine is collected as a late fee for income tax returns (ITR).
Feel fined
On Sunday, July 31, 2022, Income Tax Returns (ITR) for the fiscal year 2021–2022 were due for submission. This means that taxpayers whose accounts are not required to be audited were required to file income tax returns by this date. Individual income taxpayers who have not filed ITR by July 31 will have to pay a penalty of Rs 5000 if their income is taxable.
31 October these people can file
Salaried individuals are required to file their income tax returns by 31st July, while corporates or those who need to get their accounts audited can file their returns by 31st October of the assessment year. In this case, there won’t be any consequences for failing to file an ITR return by October 31.
several returns submitted on the final day
At the same time, the last date for submission of Income Tax Return (ITR) for the financial year 2021-22 for individual income taxpayers was July 31. More than 63.47 lakh returns had been filed till 10 pm on the last day. The Income Tax Department has fixed July 31 as the last date for submission of ITR.
Read More: How to File ITR Online: Do not ignore these 10 things while filing ITR, you will save a lot of money
was constantly requesting
To avoid the burden of late fees, the department is continuously requesting the taxpayers to submit the returns within the stipulated time. Earlier, till July 30, more than 5.10 crore returns had been filed. With the filing of ITR on Sunday, the total number of income tax returns for the financial year 2021-22 has crossed 5.73 crores.
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