Income Tax Return Tax expert Balwant Jain said that for non-filing of ITR, the government has the right to prosecute you and you can also be sent to jail. The last date for filing income tax returns was 31 December 2021.
The last date for filing income tax returns for the financial year 2020-21 (AY 2021-22) was December 31, 2021. Although, this date was 31 July but it was extended to 31 December. In such a situation, according to the Income Tax Department, 5.89 crore income tax returns were filed on the e-filing portal till 31 December. But, those who could not file their ITR till this date, what will they have to do now? that is the question. So let’s tell you about it.
If you have not been able to file your ITR by 31st December 2021, then now you have time till 31st March 2022 to do so. But, you will have to pay a fine for this. Late filers have to pay a penalty fee to compensate for the delay. Tax expert Balwant Jain told that if your income is more than five lakhs, then you will have to mandatorily pay a penalty fee of Rs 5 thousand while filing your ITR and if the income is less than 5 lakhs, then this penalty fee will be one thousand rupees. .
According to Balwant Jain, if you do not file your ITR even by the date of 31 March 2022, then the trouble may increase. He said that even after filing ITR till March 31, 2022, the Income Tax Department can impose a penalty on you up to 50 percent of the tax that you wanted to hide or avoid by not filing ITR. Apart from this, you can also be jailed.
He said that ‘in such a situation, few people know that the government has the right to prosecute you and if you do not file your ITR by the due date then you can also be sent to jail.’
Let us inform that for the financial year 2020-21 (ending March 2021), about 5.89 crore income tax returns have been filed on the new e-filing portal till the 31st December deadline, of which more than 46.11 lakh ITRs have been filed on 31st December itself. went.
