ITR Update: The Income Tax Department is constantly warning taxpayers to fill their returns, but some taxpayers are sitting in the hope that this time also the return date will go ahead. Such people should know that if you fail to file the return within the stipulated time, then the department can prosecute you and send you to jail.
The last date for filing income tax returns for the financial year 2021-22 is approaching and many taxpayers have not filed their returns because the deadline will get extended. If you are also sitting in the same expectation that the date of filing the return will be extended, then leave it and
file your return soon.
In fact, the Income Tax Act allows prosecution of taxpayers who do not file returns and even send them to jail. This year the last date for filing returns has been fixed as July 31 and the Income Tax Department is continuously advising taxpayers to file their returns before the last date. If you fail to file your return within the stipulated time, you may also have to pay a late fee of up to Rs 5,000.
What to say, expert tax and investment advisor Balwant Jain explains that if an individual taxpayer does not file his ITR within the stipulated time, then he gets the freedom to file the return later, but for this, he has to deposit a lit fee of up to Rs 5,000. Will have. If the annual taxable income of the taxpayer is more than Rs 5 lakh. At the same time, if the taxable income is less than 5 lakhs, a leet fee of Rs 1,000 will have to be paid.
Jain said that a taxpayer can file his income tax return only once in a financial year and can also amend it once in case of any omission or mistake. If a taxpayer files his return with late fee after the stipulated time, then he will not be given a chance to amend his ITR.
If a person is unable to file his return within the stipulated time, then the Income Tax Department can also impose a fine ranging from 50 percent to 200 percent of his total outstanding tax . Not only this, notice will also be issued to him by the department and interest will also be charged on a daily basis till the ITR is filed from the end of the return deadline. Not only this, the department will also have the right to prosecute the taxpayer.
Provision of 7 years in jail
The Income Tax Department can also send taxpayers who do not file returns to jail. Under this, the taxpayer can be imprisoned from 3 years to 7 years. However, it is not necessary that the department should initiate prosecution against all the taxpayers who have not filed the return, but in cases where the outstanding tax is more than Rs 10 thousand, such action can be taken.
