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ITR Filling : Big Alert! 31st March is the last date to file income tax return, hurry up, otherwise…

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The deadline for filing ITR for assessment year 2021-22 is March 31, 2022. The last date for filing income tax return was 31 December 2021. But you can file your Income Tax Return (ITR) with penalty till March 31, 2022.

Also, such taxpayers who have made any mistake in ITR also have time to rectify the mistakes till March 31, 2022. If taxpayers do not file their returns by the due date, they can be punished for 3 years to 7 years for violating Income Tax rules. Let us know what is the opinion of the experts on this –

Balwant Jain, tax and investment expert on income tax returns, says, “If the taxpayers are not able to pay their taxes by the last date, the income tax department can impose a penalty of 50 percent to 200 percent of the actual tax paid.” Balwant Jain further says, ‘If the taxpayer is not able to file ITR by the last date, then the Income Tax Department has the right to file a lawsuit.’

Balwant Jain says in the jail rules, ‘As per the existing income tax rules, the punishment can be imprisonment for a minimum of 3 years and a maximum punishment of 7 years. The department can file a case when the tax liability exceeds Rs 10,000. Pay less than that cannot be sued.

Pankaj, MD & CEO, Optima Money Managers says, “If you have not filed your income tax return by 31st December 2021, then you are exempted from filing income tax return till 31st March 2022 by the Income Tax Department, but, For this you will have to pay a fine. As per the rules, the penalty for payment of tax exceeding Rs 5 lakh will be up to Rs 5000. If your income is less than Rs 5 lakh then you will have to pay a penalty of Rs 1000. Let us tell you, if you file income tax return for the assessment year 2021-22 after March 31, 2022, then you will have to pay a penalty of Rs 10,000.

How to File ITR

If you want to file your tax return by visiting the e-filing portal, then you can take the help of these steps-

  • First go to the e-filing portal incometax.gov.in and click on the Login button.
  • Now you have to enter your username and click on Continue button.
  • Now you have to enter your password.
  • Now click on e-file tab and click on File Income Tax Return option.
  • Select the assessment year 2021-22 and then click on continue option.
  • You will then be asked to select the option ‘Online’ or ‘Offline’.
  • Select the Online option and click on the Continue tab.
  • Now select the option ‘Personal’.
  • Individual, Hindu Undivided Family (HUF) or others.
  • Click on Continue.
  • Select either ITR-1 or ITR-4 and click on Continue tab.
  • The reason for the return will be asked under the 7th provision under section 139(1) or above the exemption limit.
  • Select the correct option while filing ITR online.
  • Enter your bank account details.
  • Now a new page will be sent to file ITR.
  • Verify your ITR and send a hard copy of the return to the Income Tax Department.

Pravesh Maurya
Pravesh Maurya
Pravesh Maurya, has 5 years of experience in writing Finance Content, Entertainment news, Cricket and more. He has done BA in English. He loves to Play Sports and read books in free time. In case of any complain or feedback, please contact me @ businessleaguein@gmail.com

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