Income Tax Return news: The last day for filing income tax returns (ITR) for salaried individuals for FY 2021-22 (AY 2022-23) was on Saturday. Despite some calls for extension, the deadline was not changed. Taxpayers who have a net annual income or more than Rs 2.5 lakh are legally mandated to file the ITR before the due date. Those who failed to file ITR for AY23 by July 31 may be subjected to penalties and fines specified under Section 234F of the Income Tax Act, 1961.
While the deadline for the majority of taxpayers has passed, corporate entities or ones required to audit their books of accounts have time to file ITR by October 31.
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What if you have not filed ITR by the July 31 deadline?
Failing to file ITR by the last date of July 31 invites a fine by the Income Tax department. Late ITR filing till December 31 will invite a penalty amount of Rs 5,000. ITRs filed after the date and till March 31 of the AY will invite a Rs 10,000 penalty. For those taxpayers with annual income less than Rs 5 lakh, this penalty amount will be Rs 1,000.
Furthermore, skipping the ITR last date and having outstanding unpaid tax will invite an
interest on the outstanding tax amount at 1 percent per month from the prescribed due date under Section 234A of the Income Tax Act, 1961.
Underreporting of income, if found, will lead to paying 50 percent of the total income on which tax is payable and no return was filed.
Failing to file ITR within the stipulated timeline can lead to an imprisonment of up to 6-7 months as per the lay. The Income Tax may intimate legal proceedings against a taxpayer missing the timeline.
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