The Finance Ministry said in a tweet, ‘The Income Tax e-filing portal has received more than 3,71,74,810 crore ITRs for the assessment year 2021-22 till December 17, 2021.
According to the ministry, it includes ITR1 (2.12 crore), ITR2 (31.04 lakhs), ITR3 (35.45 lakhs), ITAR4 (87.66 lakhs), ITR5 (3.38 lakhs), ITR6 (1.45 lakhs) and ITR7 (0.25 lakhs) are.
So far, more than 3.7 crore Income Tax Returns have been filed for the financial year 2020-21. The Finance Ministry gave this information on Saturday. The ministry said that the extended last date for filing income tax returns for taxpayers is December 31.
In a tweet, the Finance Ministry said, ‘The Income Tax e-filing portal has received more than 3,71,74,810 crore ITRs for the assessment year 2021-22 till 17th December 2021.’ According to the ministry, it has ITR1 (2.12 crores), ITR2 (31.04 lakhs), ITR3 (35.45 lakhs), ITAR4 (87.66 lakhs), ITR5 (3.38 lakhs), ITR6 (1.45 lakhs) and ITR7 (0.25 lakhs).
Late filing of ITR has many disadvantages
If for some reason you are not able to file your ITR before the deadline of December 31, 2021, then you may have to pay a penalty. Due to the coronavirus pandemic and glitches on the newly launched income tax portal, the government has also extended the due date for filing Belated ITR till March 31, 2022.
You should know that the government has made arrangements to collect late fees for late filing of ITR. Under Section 234A of the Income Tax Act, the taxpayer will have to pay interest on the amount of tax at the simple rate of one per cent every month. If you file ITR after the last date fixed by the government, you will be charged a late filing fee of Rs 5,000.
Income tax exemption is also not available
on late, due to the delay in filing ITR, the taxpayer has to pay the penalty as well as many types of income tax exemption are also not available to such people. Along with the fine, the exemption under Section-10A and Section-10B of the Income Tax Act is also not available. At the same time, such people also do not get the exemption under Section-80IA, 80IAB, 80IC, 80ID and 80IE.
Also, due to late filing of income tax return, the taxpayer does not get the benefit of deduction under Section-80IAC, 80IBA, 80JJA, 80JJAA, 80LA, 80P, 80PA, 80QQB and 80RRB of the IT Act.
