ITR to be filled with penalty
Let us inform here that if you have not filed your income tax return by 31 December 2021, then you have been given the exemption from the Income Tax Department to file income tax return till 31 March 2022, but, for this you will have to pay a penalty. According to the rules, this penalty will have to be paid up to Rs 5000. If your income is less than Rs 5 lakh then you will have to pay a penalty of Rs 1000. This will increase further if returns are filed after March 31. If you filed income tax return for the assessment year 2021-22 after March 31, 2022, you will have to pay a penalty of Rs 10,000.
6.63 crore ITR filed so far
According to the information shared by the Income Tax Department, more than 6.63 crore income tax returns have been filed for the financial year 2020-21 till March 15. This is 16.7 lakh more than the income tax return filed last year. Significantly, for companies and other such taxpayers who have to submit audit reports, the last date for filing income tax returns for the financial year 2020-21 was March 15. The last date for submission of returns for individual taxpayers was December 31, 2021.
The first last date for filing income tax returns for assessment year 2021-22 was 31 July 2021, which was earlier extended to 20 September. After this, the last date for filing income tax return was fixed as 31 December 2021. It is noteworthy that under section 139(1) of the Income Tax Act, penalty under section 234A is imposed for not filing Income Tax Return (ITR) within the prescribed time. It is worth noting that if the annual income is less than 2.5 lakhs, the return can be filed without penalty.