Right after the COVID-19 pandemic, the public authority had expanded the due date of documenting all Income Tax Return (ITR) for FY 2020-21 to December 31, thus there are only 3 days staying for you to record your annual duty. This year, citizens are needed to present the profits for the FY 2020-21 monetary year and the evaluation year would be AY 2021-22.
From this year onwards, the typical cut-off time for recording late ITR is December 31 (except if reached out by the public authority). Likewise, for FY2020-21 the cut-off time for recording late ITR was December 31, 2021, however, has been stretched out twice - first to January 31, 2022, and afterward to March 31, 2022, due to Coronavirus. As referenced above, a singular documenting late ITR by the cut-off time of March 31, 2022, will presently need to suffer the most extreme consequence of Rs 5,000.
One can file ITR both online and offline. Not recording ITR or late documenting can draw in punishment up to Rs 5,000. The punishment has been decreased as compared to last time, as beforehand late documenting of ITR would draw in up to Rs 10,000 punishment. Assuming your available pay is not as much as Rs 5 lakh, then, at that point, you suffer a consequence of Rs 1,000. Also, on the off chance that you have a pay underneath as far as possible, you are not needed to suffer the consequence in case you miss the ITR documenting cut-off time. Nonetheless, this is dependent upon specific exemptions.
In a major alleviation to a large number of citizens, the public authority had broadened the last day for documenting of Income Tax Returns (ITR) for the FY 2020-21 period two or multiple times. The Income Tax Department had additionally given promotions directing citizens over their ITR documenting on different events.
Be that as it may, there is no adjustment of the reformatory sum demanded on little citizens who miss the ITR documenting cut-off time. In the event that you are a little citizen whose all-out pay doesn't surpass Rs 5 lakh during an FY, then, at that point, the most extreme charge you are obligated to pay is Rs 1,000 assuming the ITR is documented any time later the expiry of the cut-off time (i.e., December 31, 2021) however before March 31, 2022.
Image Credit: Economic Times