Income Tax Return: The last date of 31 July 2022 was fixed by the Income Tax Department to file the Income Tax Return (ITR) for the financial year 2021-22. More than 5 crore taxpayers had filed ITR at the stipulated time.
But many people were having trouble in filing tax returns (ITR) and could not do this important work on time. If you have not been able to file ITR yet, then you can file ITR till 31 December 2022. You will have to pay late fees for late filing of ITR returns.
Penalty is charged from the tax payer
Filing of late ITR (ITR) is called income tax return only. It is filed when it is filed after the last date. In this case penalty is charged from the tax payer. On the other hand, revised return is called when it is filed again if there is any mistake while filing ITR. The last date to file Revised ITR is also 31st December.
The last date for revised ITR
has been specified for late ITR filing under section 139(4) of the Income Tax Act, 1961. At the same time, the revised ITR is filed under section 139 (5). Revised ITR can be filed up to three months before the completion of the financial year.
Zero late fee will have to be paid in this condition.
If ITR is not filed till the last date, a late fee of up to Rs 5,000 can be charged under 234A. However, those with an income of Rs 5 lakh or less will have to pay a penalty of Rs 1000. If your taxable income is Rs 2.5 lakh or less, then you will not have to pay any penalty.
Important rules for Revised ITR
If you have made any mistake while filing ITR, then you can file Revised ITR. You can submit both the ITR forms till 31st December. Let us tell you that you can file revised ITR more than once. For this you have to take care of the last date.
