For salaried employees or those whose accounts do not need to be audited, it is near to file ITR. The Income Tax Department from time to time, by running a campaign for this, makes people who pay income tax aware that otherwise you may have to face heavy fines. Let us tell you that the last date for filing ITR for the financial year 2021-22 is July 31.
What will be the penalty for late filing of ITR?: Income tax department can impose a big penalty on you for late filing of ITR. It depends on your income and the maximum penalty can be up to Rs 5000. At the same time, if your income is less than Rs 5 lakh, then the income tax department can impose a penalty of Rs 1000 on you for late filing of ITR.
Benefits of filing ITR: Even if your income does not come under the purview of tax, you should still file income tax, it has many benefits. With its help, you can get a bank loan. Get a quick tax refund. Along with this, it also increases the chances of approval of government tenders and has many other advantages as well. Here you need to keep in mind that the income tax paid by you directly contributes to the progress of the country and paying income tax before the deadline is always considered a good decision.
You can fill your ITR in these 4 ways given below..
By downloading the ITI form from the website and then filling the income tax details in it, you can send it to the department. You can fill your income tax return by visiting the website of the website in electronic form with digital signature. By filling the electronic key data under the electronic verification code You can also submit your income tax by filling in the electronic data and then verifying the return in the return form ITR-V.
Let us tell you, if you submit ITR without digital signature, then you should take two copies of ITR-V form. The first copy has to be sent by ordinary post or speed post to the office of Income Tax Department in Bangalore, while the second copy should be kept by the person filing the ITR as proof.