For AY 2021-22, the deadline for filing income tax return is December 31st, 2021 (5.45PM).
What happens if you miss the deadline?
Keep reading to find more..
Rs 5000 Penalty For Missing Income Tax Filing Deadline Today
In case any tax payer misses the deadline for filing Income Tax returns today, that is December 31st, 2021, then there is a penalty of Rs 5000, under section 139 (4) of the Income Tax Act, 1961.
This penalty was Rs 10,000 (maximum) earlier, but it has been reduced to Rs 5000 now.
The filing of such late income tax returns comes under ‘Belated Return’, in case the deadline is missed (which is December 31, 2021 for AY 2021-22)
By filing the income tax returns after the deadline, the taxpayer is liable to forgo interest benefits under excess tax paid, and there is penalty along with late fees, that is covered by Rs 5000 amount.
Penalty For Small Taxpayers?
In case the taxable income for a financial year is below Rs 5,00,000, then a penalty of Rs 1000 will be imposed by the Income Tax Department.
Both of these penalties of Rs 5000 (for taxable income of more than Rs 500,000), and Rs 1000 (for taxable income below Rs 500,000) will be levied, in case the income tax returns is done after December 31, but before March 31, 2022, which is the last date of the current financial year.
In case the taxpayer is filing the income tax returns after March 31, 2022, then the Income tax department can impose upto 50% penalty of the total income tax that was avoided.
The deadline for filing income tax returns for AY 2021-22 is December 31, 2021 (5.45PM).. It’s strongly advisable to file the returns before this deadline to avoid any late fees or penalties.
For more details, visit here.
Comments are closed, but trackbacks and pingbacks are open.