18 Jan
MISSED TO FILE INCOME TAX RETURN ?? FILE YOUR ITR NOW
Missed ITR ?? File your
ITR now !!
The Government of India (GoI) imposes tax liability on the
taxable income of all persons as defined under the Income-tax Act, 1961,
including persons, Hindu Undivided Families (HUF), companies, corporations,
LLPs, associations of persons, bodies of persons, local authorities and any other
artificial judicial persons.
Income Tax Return (ITR) is a form used to file your income
and tax information with the Income Tax Department. Taxpayer's tax liability is
calculated based on his or her income. Income tax returns (ITR) must be filed
on or before the specified / due date each year.
The Filing date for
the financial year 2020-21
The deadline for filing Income Tax Return (ITR) for the
financial year 2020-21 was 31st December 2021 and it was not extended by the
Ministry of Finance, Government of India. December 31, 2021 was the last day to
file an income tax return (ITR) for the assessment year 2021-22.
If you are one of the taxpayers who have not filed the ITR by
the due date i.e. 31.12.2021 or earlier, the process can be completed by March
31, 2022, by filing the delayed ITR and the last date for submission delayed
ITR for AY 2021-22.
File ITR after the
due date - this is called "Delayed ITR"
If the income tax is filed after the due date, it is called
'Delayed Return'. For this, however, taxpayers will have to pay a penalty as
stipulated in the Finance Act.
Those who have not been able to file the return till the due
date i.e. 31.12.2021 (extended due date) can still do so but they will have to
pay penalty for late ITR. From FY 2020-2021 or assessment year 2021-22
(AY21-22), the penalty for late filing of ITR deadlines has been decreased from
Rs 10,000 to Rs 5,000.
As per the provisions of the Income Tax Act, 1961
Delayed ITR till 31st March 2022 Can be filed with a penalty. Rs. 5,000.
• Total Income If not more than 5 lakhs, while the taxpayer's Will
have to pay a fine of Rs. Only 1,000.
No late fee (Rs. 2.50 lakhs) for those whose income is less
than the exemption limit.
Under the new tax system, which does not provide any tax deduction,
the basic exemption is Rs 2.5 lakh irrespective of age. But in the new tax
system, the basic exemption limit is fixed according to age. The basic discount
is Rs 2.5 lakh for those below 60 years of age and Rs 3 lakh for those above 60
years of age but less than 80 years. For those over 80 years of age, it is Rs 5
lakh.
If there is an error in filing the original tax return, those
who have already filed the ITR can also file a revised return. The last date
for filing a revised income tax return for the assessment year 2021-22 is 31st
March 2022.
The Central Board of Direct Taxes (CBDT) has given a one-time
reprieve for verification of e-filed ITR pending e-verification. The decision
has been taken due to complaints about errors in the Income Tax Department's
e-filing portal. Income tax returns filed without a digital signature must be
verified electronically within 120 days of filing the return.
Those who failed to complete ITR-V verification for 2019-20
can do so by 28 February 2022. The RBI had granted a one-time exemption at the
end of 2021.
Non-compliance is
very expensive
Penalty for
non-filing of ITR on time - Delayed ITR
The deadline for late ITR filing for AY 2021-22 is 31st March
2022.
As per the provisions made under Section 234F and Income-tax
Act, 1961, the penalty for late ITR can be up to Rs.5,000 / -.
• Please note that in case the total income of the taxpayer
is less than Rs. 5 lakhs, in which case the maximum penalty for the delay is
Rs.1000.
IT Taxpayers will also have to pay punitive interest on any
unpaid tax liability in case of late filing of ITR.
Please note this
Delayed ITR filers cannot pursue losses under any heading of
income (other than home property income).
This facility is available only if the ITR is filed within
the due date. However, the loss can be carried forward under the heading of
income in the home property.
Regards
Santosh Patil
Founder
9769201316
Alliance Tax Experts
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