ITR submitting for AY 2022-23: The due date for revenue tax return (ITR) submitting for the monetary yr 2021-22 or for the evaluation yr 2022-23 is quick approaching as ITR submitting final date is thirty first July 2022. So, incomes particular person is suggested to file is ITR throughout the given due date with out ready for the final date. However, in case a taxpayer misses to file its revenue tax return by the given due date, she or he will be capable of file its ITR for FY22 or AY23 with a late payment as much as ₹5,000. However, in case a taxpayer misses to file is ITR by given final date, then in that case the revenue tax division has the rights to provoke prosecution proceedings underneath sure situations.
Speaking on the ITR submitting with late payment provision, Mumbai-based tax and funding knowledgeable Balwant Jain stated, “If an earning individual misses to file ITR by the given due date of 31st July 2022, it can still file its income tax return by given ITR last date but the taxpayer will have to pay ₹5,000 late fee at the time of ITR filing if its taxable annual income is more than ₹5 lakh. In case, one’s taxable income is less than ₹5 lakh, in that case the late fee would come down to ₹1,000.”
Balwant Jain stated that one ought to file one’s ITR by the given due date because it permits the taxpayer to appropriate one’s ITR, in case of coming throughout any anomaly in ITR information. However, after the due date, if an individual file one’s oncome tax return throughout the given final date, it will not be capable of edit its ITR.
On what if a taxpayer misses to file its ITR throughout the given ITR submitting final date, Balwant Jain replied, “Failing to file ITR by given last date, the income tax department may levy penalty of 50 per cent to 200 per cent on taxpayer’s actual income tax outgo, in addition to the tax and interest liability till the date a taxpayer files its ITR in response to the income tax notice from the department.”
Balwant Jain went on so as to add that the Government of India (GoI) has powers to launch prosecution towards the taxpayer who has did not file ITR by final date regardless of having revenue tax legal responsibility.
“The present income tax rules prescribe a minimum sentence of 3 years of imprisonment and a maximum sentence of 7 years of imprisonment. It is not that the department can launch prosecution against you in each and every instance of failure to file the ITR. The income department can launch prosecution only in case the amount of tax sought to be avoided exceeds ₹10,000,” Balwant Jain concluded.
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