ITR submitting: This revenue tax return violation could land you in jail. Details right here

ITR submitting: Last date for revenue tax return or ITR submitting for AY 2021-22 is thirty first March 2022. Those incomes people who missed to file their ITR by the given due date of thirty first December 2021, they will nonetheless file their revenue tax return by the given ITR final date of thirty first March 2022. However, ITR submitting after the due date will appeal to penalty relying upon the revenue tax slab they fall in. However, if a taxpayer, who has revenue tax legal responsibility, fails to file its ITR by the given final date, she or he could need to land in jail for such revenue tax return violation and the jail sentence might be to the tune of minim 3 years and most 7 years.

Speaking on the revenue tax return final date; Mumbai-based tax and funding consultants Balwant Jain stated, “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,” including, “The Government of India (GoI) has powers to launch prosecution against the taxpayer who has failed to file ITR by last date despite having income tax liability.”

Explaining the prosecution norms in revenue tax guidelines, Balwant Jain went on so as to add, “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.”

Speaking on the late payment concerned whereas submitting ITR after the due date however earlier than the final date; Pankaj Mathpal, MD & CEO at Optima Money Managers stated, “If a taxpayer has missed to file ITR by the given due date of 31st December 2021, it can still file its income tax return by given ITR last date of 31st March 2022 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.” He suggested taxpayers to file ITR by final date and keep away from 50 to 200 per cent penalty on precise revenue tax outgo or prosecution for 3 to 7 years.

Subscribe to Mint Newsletters * Enter a legitimate e-mail * Thank you for subscribing to our e-newsletter.

Never miss a narrative! Stay linked and knowledgeable with Mint.
Download
our App Now!!