ITR Latest News: If you are a taxpayer and you have not yet paid Income Tax (ITR) then do it soon. Actually, the last date for filing income tax return (ITR) for the financial year 2021-22 and assessment year 2022-23 is July 31. This means taxpayers are left with only two weeks to pay the amount. At the end of this time, up to five thousand rupees may have to be paid.
It is to be known that there is a provision to pay penalty for filing income tax return after the due date. The amount of fine may exceed Rs.5000. In such a situation, it would be good for you to file your income tax return before the last date, July 21. So that you can avoid paying the fine.
Revenue Secretary Tarun Bajaj informed that more than 2.3 crore Income Tax Returns have been filed till July 20 for the financial year 2021-22 and this number is increasing continuously. In the last financial year 2020-21, around 5.89 crore income tax returns were filed. Last year, the government extended the return filing date to December 31. But experts say that this year the fixed date cannot be extended.
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 depending on the income.
