The deadline for filing ITR for the financial year 2021-22 is March 31, 2022. The last date for filing income tax return was 31 December 2021. But you can file your Income Tax Return (ITR) with penalty till March 31, 2022. Also, such taxpayers who have made any mistake in ITR also have time to rectify the mistakes till March 31, 2022. If taxpayers do not file their returns by the due date, they can be punished for 3 years to 7 years for violating Income Tax rules. Let us know what is the opinion of the experts on this –
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Balwant Jain, tax and investment expert on income tax returns, says, “If the taxpayers are not able to pay their taxes by the last date, the income tax department can impose a penalty of 50 percent to 200 percent of the actual tax paid.” Balwant Jain further says, ‘If the taxpayer is not able to file ITR by the last date, then the Income Tax Department has the right to file a lawsuit.’
Balwant Jain says in the jail rules, ‘As per the existing income tax rules, the punishment can be imprisonment for a minimum of 3 years and a maximum punishment of 7 years. The department can file a case when the tax liability exceeds Rs 10,000. Pay less than that cannot be sued.
Pankaj, MD & CEO, Optima Money Managers says, “If you have not filed your income tax return by 31st December 2021, then you are exempted from filing income tax return till 31st March 2022 by the Income Tax Department, but, For this you will have to pay a fine. As per the rules, the penalty for payment of tax above Rs 5 lakh will be up to Rs 5000. If your income is less than Rs 5 lakh then you will have to pay a penalty of Rs 1000. Let us tell you, if you file income tax return for the assessment year 2021-22 after March 31, 2022, then you will have to pay a penalty of Rs 10,000.