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Delay in ITR filing may result in penalty, there is also a provision for seven years of imprisonment, know the complete rule

ITR Submitting: The Earnings Tax Division had set 31 July 2022 because the final date for submitting ITR. It’s reported that until 10 pm on Sunday, July 31, greater than 63.47 lakh returns have been filed. Nonetheless, if somebody has not filed their earnings tax return, then there may be particular data for them. That’s, if somebody is late in submitting the return until the final date mounted by the Earnings Tax Division, then after that, the penalty should be paid for submitting the return. Together with this, there can be a jail time period of seven years.

what’s the rule

In accordance with the principles of the Earnings Tax Division, if an earnings tax payer doesn’t file ITR by the stipulated date, then after submitting the return, he should pay a late positive of 5,000. Not solely this, there may be additionally a provision of jail time period starting from 6 months to 7 years for delay in earnings tax return within the Earnings Tax Act. In accordance with earnings tax consultants, if an individual falling within the earnings tax class fails to file ITR by the due date of 31 July 2022, he can nonetheless file his earnings tax return. An individual with earnings as much as 5 lakh until the final date December 31, 2022 should pay a late charge of Rs 5,000 on the time of ITR submitting, whereas in case of earnings lower than 5 lakh, a late charge of Rs 1,000 should be paid.

Beneath what circumstances are you able to be jailed?

In accordance with consultants, within the present earnings tax guidelines, there’s a provision of imprisonment of not less than 6 months and most imprisonment of seven years. It isn’t that the Earnings Tax Division can prosecute you in each case of failure to file ITR. The earnings tax division may be prosecuted provided that the quantity of tax exceeds Rs.10,000.

ITR Kind: New ITR kind issued for 2021-22, taxpayers will now have to offer this data, greater than 63.47 lakh returns filed on the final date

Greater than 63.47 lakh returns had been submitted until 10 pm on Sunday, the final date for submission of ITR for the monetary 12 months 2021-22 (July 31). The Earnings Tax Division has set July 31 because the final deadline for submission of ITR. The division has been repeatedly requesting the taxpayers to submit the returns inside the stipulated time to keep away from the burden of late charge. Earlier, until July 30, greater than 5.10 crore returns had been filed. With the ITR filed on Sunday, the whole variety of earnings tax returns for the monetary 12 months 2021-22 has crossed 5.73 crore.

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