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Tag: income tax return filing last date

  • 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.

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  • CBDT rejects additional extension of I-T returns due date, says pay penalty if not filed ITR

    Image Source : PTI CBDT rejects to additional prolong I-T returns due date, says pay penalty if ITR not filed 
    The Central Board of Direct Taxes dashed hopes of all taxpayers ready for additional extension of due dates for submitting tax returns rejecting all illustration on this regard, citing that the method can’t be delayed ‘indefinitely’ and hamper the functioning of the tax division and welfare programmes of the federal government.

    The determination signifies that particular person taxpayers who’ve missed the January 10 deadline for submitting returns might now must pay a penalty to finish the method. Similarly, taxpayers who must file audit report earlier than submitting returns could have to take action by January 15 and file their returns by February 15.

    The revenue tax division had acquired a number of representations to additional prolong dates for submitting returns as disruptions prompted pandemic had continued to create issues for numerous taxpayers. The suggestion was to increase dates for all classes of taxpayers to March 31.

    In its workplace order directing all tax formation throughout the nation to see the due dates for tax fee is adopted as no additional extensions had been due, the CBDT cited that the contentions of lesser variety of audit stories filed this 12 months and thereby extension was required, as fully baseless. It mentioned that even in earlier years audit stories had been filed in the previous few days earlier than the deadline and comparable developments had been seen even in 2020-21.

    The board additionally cited that India has been extra beneficiant in comparison with different world economies, notably, Covid hit the US and UK, in offering aid to its taxpayers on compliance points.

    Moreover, the statistics of returns filed this 12 months clearly reveals that the numbers are increased than final 12 months already. In 2019-20, about 5.62 crore revenue tax returns had been filed until due date and this 12 months (2020-21) already 5.95 ITRs have been filed (as much as January 10).

    Any additional extension would adversely have an effect on the return submitting self-discipline and shall trigger injustice to those that have taken pains to file the return earlier than the due date, CBDT mentioned in its order.

    It may also hamper the federal government’s efforts to supply aid to the poor throughout Covid instances, the workplace order mentioned.
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  • Govt extends 2019-20 revenue tax return submitting deadline until January 10


    ITR Filing FY 2019-20 Last Date: Extending the deadline for the third time, the federal government on Wednesday allowed people to file revenue tax returns for 2019-20 fiscal until January 10.
    The deadline for corporations and people who have to get their accounts audited too have been prolonged by 15 days until February 15, the Finance Ministry mentioned in a press release.
    The due date for submitting revenue tax return (ITR) by people and corporations was December 31, 2020, and January 31, 2021, respectively.

    In view of the continued challenges confronted by taxpayers in assembly statutory compliances on account of outbreak of COVID-19, the Govt additional extends the dates for varied compliances. Press launch on extension of deadlines issued immediately: pic.twitter.com/lMew09HXMq
    — Income Tax India (@IncomeTaxIndia) December 30, 2020
    Over 4.54 crore ITRs for 2019-20 fiscal (evaluation yr 2020-21) have been filed until December 28. In the comparable interval final yr, 4.77 crore revenue tax returns have been filed.
    At the shut of deadline for submitting ITRs with out fee of late charges for fiscal 2018-19 (evaluation yr 2019-20), over 5.65 crore returns have been filed by taxpayers.
    The revenue tax division tweeted that the extension in varied deadline was given in view of the continued challenges confronted by taxpayers in assembly statutory compliances because of the outbreak of COVID-19.
    Also, the due date for submitting declaration underneath the direct tax dispute decision scheme Vivad Se Vishwas has been prolonged by a month until January 31.
    The deadline for submitting GST annual return for 2019-20 fiscal has been prolonged by 2 months until February 28, 2021.