ITR Filing: The Central Board of Direct Taxes has extended the date for filing Income Tax Return for Assessment Year 2021-22. Earlier the deadline for filing ITR was December 31, which has been extended to March 31. If you do not fill ITR before the deadline, then the government can prosecute you.
ITR Filing Date Extended: If you have not yet filed Income Tax Return (ITR), then there is important news for you. The Central Government has set March 31 as the deadline for filing ITR. If you do not file the return before the due date, then you can be jailed along with fine. Let us know in detail.
Earlier The Date Was 31st December
It is worth noting that according to the new guidelines of income tax return, now income tax return can be filed till March 15. According to the information given by the Central Board of Direct Taxes (CBDT), the date for filing income tax return for the assessment year 2021-22 has been extended to 15 March 2022. Earlier the deadline for filing ITR was December 31. If you do not file the return before the due date, then you may be in trouble.
Will Have To Pay a Heavy Fine
If you do not file ITR by March 31, then you can be jailed for at least 3 years and maximum 7 years. If the taxpayers do not deposit the tax, then on behalf of the department, they can be fined 50 to 200 percent on the outstanding tax and interest in addition to the liability. Not only this, the government can also prosecute such taxpayers if they want.
Difficulties May Increase For These Taxpayers
According to the rules made by the Income Tax Department, the government does not prosecute all the taxpayers who fail to file ITR. When the tax liability exceeds 10 thousand rupees, then only that taxpayer is prosecuted.
According to this rule, if the taxable income is more than Rs 5 lakh then the taxpayer can be fined up to Rs 5 thousand and if the taxable income is less than 5 lakh then a fine of up to Rs 1,000 can be imposed.
