Income Tax Return Big Update: A new guideline regarding Income Tax has been issued by the Central Government. If you also fill Income Tax return, then this is important news for you.
FM Nirmala Sitharaman: A new guideline regarding Income Tax has been issued by the Central Government. If you also fill Income Tax return, then this is important news for you. Let us tell you that the last date for filing ITR for FY2021-22 was 31 July 2022, but under the new order issued by the government, you can still file your ITR till 31st.
Penalty is imposed on Late ITR
If you have also missed to file Afna ITI, then the income tax return filed now will be called belated ITR and for this you will have to pay penalty as well. A fine is imposed on this by the government.
1000 rupees penalty will have to be given
Under Section 234F of the Income Tax Act, 1961, any taxpayer who does late tax filing has to pay a fine, but if your income is Rs 5 lakh or less, then you will have to pay only Rs 1000 or less. Penalty has to be paid.
Still have 25 days
Let us tell you that the last date for filing delayed ITR is 31 December 2022, that is, you still have about 25 days to file your ITR, so file your tax immediately. If you are not able to file your income tax even till this deadline, then a notice will be sent to you by the department.
When will the fine be imposed?
The concept of delayed ITR filing is applicable across the country from the year 2017-18. If any person has filed ITR after 31st July then a penalty of Rs 5,000 will be applicable. However, if belated ITR is filed between January 1 and March 31, then a penalty of Rs 10,000 will be applicable.
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