ITR submitting: These taxpayers can file revenue tax return with none late charge
ITR submitting: The due date for revenue tax return (ITR) submitting for AY 2021-22 is over and now individuals have likelihood to file their ITR inside the final date of thirty first March 2022, shedding some advantages like carry ahead of losses, curiosity on the surplus tax paid, and many others. Apart from this, the revenue taxpayer must pay a late charge as nicely. However, it must be famous that not all taxpayers, who didn’t file their ITR for AY 2021-22 inside the due date must pay the late charge. According to tax and funding specialists, these taxpayers whose taxable revenue is lower than ₹2.50 lakh want to not pay any late charge although they didn’t file their ITR inside the given due date of thirty first March 2021.
Speaking on the ITR guidelines in regard to late charge; Mumbai-based tax and funding professional Balwant Jain stated, “Late fine is imposed on those taxpayers who have income tax liability. If a person has taxable income below ₹2.50 lakh, there is no income tax liability on such taxpayer, neither in old nor in new tax regime. So, if such earning individuals file their ITR on or before 31st March 2022, the income tax department doesn’t ask for any late fee from such taxpayers.”
Explaining the late charge provisions in regard to ITR submitting; Kartik Jhaveri, Manager — Wealth at Transcend Capital stated, “A taxpayer, who failed to file its ITR within the given ITR due date i.e. 31st December 2021, is liable for paying late fee if its taxable annual income is more than ₹2.5 lakh. There is difference between due date and last date. 31st December 2021 was deadline for ITR due date whereas ITR last date is 31st March 2021. So, in case, a taxpayer has missed to file one’s ITR for AY 2021-22, he or she has a chance to file its ITR within the last date. But, the taxpayer is liable for paying late fee only when he or she has income tax liability. Since, there is no income tax liability on an earning individual if its annual taxable income is ₹2.50 lakh or less. So, such earning individuals need not to pay late fee if they file their ITR within the given last i.e. 31st March 2021.”
Speaking on payable late charge for the taxpayers having taxable annual revenue greater than ₹2.50 lakh; Balwant Jain stated, “A taxpayer will have to pay late fee of ₹1,000 if its taxable annual income is more than ₹2.50 to ₹5 lakh whereas the late fee will be flat ₹5,000 if the taxable annual income is more than ₹5 lakh.”
Subscribe to Mint Newsletters * Enter a sound electronic mail * Thank you for subscribing to our e-newsletter.
Never miss a narrative! Stay linked and knowledgeable with Mint.
Download
our App Now!!
