Taxpayers who could not file their ITR till 31 July 2022 for some reason, the government has given them another chance. They can fill their ITR till 31 December 2022. However, for this they will now have to pay a late fee of Rs 5000.
If still they do not file ITR, then next year this fee will be double i.e. Rs 10,000. Keep in mind that this does not include those people for whose ITR audit is necessary. There is also some relief in this for such people whose total income does not exceed Rs.5 lakh.
Dr. Suresh Surana, founder of RSM India, says that for those whose total income does not exceed Rs. 5 lakh, the late fee will also be limited to Rs. 1000 only. Significantly, late filing of ITR is not only late fee but also interest has to be paid on tax. This interest is charged on a monthly basis. As per the IT Act, interest up to 1% can be levied on the amount of tax.
What will happen if ITR is not filed?
Suresh Surana explains that if the income tax payer does not file ITR in time, the Income Tax Department has the right to impose a fine equal to 50% of the unreported income on the taxpayer. If the department feels that the ITR has not been filed intentionally, then the defaulter can be jailed for 6 months to 7 years. If the amount of tax evasion is less than 25 lakh rupees, then the jail will be within 3 months to 2 years.
PAN-Aadhaar link
Tell that you need to link PAN and Aadhaar card to fill ITR. If you have not done this then you will not be able to file ITR. The last date for linking PAN with Aadhaar has also passed, so if you do this work now, you will have to pay a fine of Rs 1000 for this also. You can also complete the work of linking PAN with Aadhaar along with filing income tax return on the Income Tax website.
