Taxpayers whose total income is less than Rs 5 lakh will be fined only one thousand rupees.
Penalty on Belated ITR for AY 2021-22: Today is the last date for filing Income Tax Return (ITR). According to the Income Tax Department, the deadline for filing ITR for the assessment year 2021-22 has been fixed as December 31, 2021. In fact, after the difficulties caused by COVID, the Income Tax Department has extended the deadline for filing ITR from 30 September 2021 to 31 December 2021. Therefore, taxpayers should file ITR today in any case. If the ITR is filed after this, then the taxpayer will have to pay the penalty.
Till when ITR can be filed with Late Fine
The last date for filing IT return (Assessment Year 2021-22) with penalty is March 31, 2022. Penalty for filing ITR till this date can be up to ten thousand rupees. However, the taxpayers whose total income is less than Rs 5 lakh will be fined only one thousand rupees. Along with this, taxpayers will also have to pay their tax liability. Carry forward is not allowed on any income head loss (other than income from house property) on late filing of ITR. This facility is available to only those taxpayers who file ITR within the prescribed deadline. However, losses under house property can be carried forward.
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5.5 crore people filled ITR
According to the Income Tax Department, till 11.30 am on December 31, 2021, 5.5 crore people had filed ITR for the assessment year 2021-22.
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