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.
The Central Government has published a new income tax guideline. If you also file an income tax return, then you should be aware of this information. The deadline for submitting an ITR for the fiscal year 2021–2022 was July 31, 2022, but thanks to a recent government order, you still have until the end of the month to do so.
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.
Penalty of Rs 1000 will be imposed
Any taxpayer who files their taxes late is subject to a fine under Section 234F of the Income Tax Act of 1961; however, if your income is Rs 5 lakh or less, you will only be required to pay Rs 1000 or less. The fine must be paid.
25 days Left
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.
From the 2017–18 tax year, the idea of delayed ITR filing is applicable nationwide. A Rs 5,000 fine will be applied to everyone who submitted an ITR after July 31. But if a late ITR is submitted between January 1 and March 31, there would be a Rs 10,000 fine.
