Tax Calculator: This important work should be done before the salary of this month, otherwise a fine of 5000 may be imposed.

tax calculation

In a whole year, there is definitely one work that is required to be followed under the rules and regulations. Now the last date of one such work is also approaching. If this work is not done before the last date, then fine can also be imposed.

Income Tax Return: Employed people definitely get their salary every month. After all, people choose employment only because they keep earning every month. However, whatever way people are earning, they have to do one thing in a year. This is the job of filing income tax return. The last date for filing Income Tax Returns through Individual Taxpayers is approaching. In such a situation, these people should file their income tax return as soon as possible.

This is the last date

It is believed that people get their income by the last date of the month. Many companies run by this same rule. In such a situation, before the salary of the month of July this time, people should tackle a very important task. Individual taxpayers will have to file income tax returns for the financial year 2021-22 by 31 July 2022. In such a situation, people should file their income tax return soon.

May be fined

If the income tax return is filed after the due date then penalty can also be imposed. The amount of fine can be Rs 5000. In such a situation, it is wise to file your income tax return before the salary of July. At the same time, the government is not considering extending the deadline of July 31 for filing income tax returns.

Continuously filling returns

Revenue Secretary Tarun Bajaj said that till July 20, more than 2.3 crore income tax returns have been filed for the financial year 2021-22 and this number is increasing continuously. It is noteworthy that about 5.89 crore income tax returns were filed for the last financial year 2020-21. Last year, the government extended the deadline for filing returns till December 31.

Different forms

As per income tax rules, the deadline for filing income tax returns for 2021-22 is July 31 for individual taxpayers whose accounts for the previous financial year are not required to be ‘audited’. The Income Tax Department has prescribed seven types of income tax forms for different categories of taxpayers on the basis of income.


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