What will be you will do, If your ITR hasn’t been file till 31st December 2021?
- Deadline date to file the ITR for the FY 2020-21 was December 31. In case we misses the timeline, Income tax payer / assessee can still file a ‘belated Income tax return‘. If the income tax return is submitted after deadline date, which is called a ‘belated return’ under Income tax Law
- If you did not file your ITR by December 31, 2021, you now have until March 31, 2022 to do so. You should, however, pay a penalty for this. In order to make up for the deferral, late filers must pay penalties.
What is the circumstances where income tax return is not submitted before Timeline date?
- Taxation Expert M/s Rajput Jain & Associates Chartered Accountants, if your Income is exceeds five lakhs, while filing your Income tax return, you must pay a penalty of Rs 5,000/- and if your income is less than five lakhs, the penalty will be 1,000 rupees.
- Any Person who has filed income tax return after the timeliner date will have to pay a late fee of INR 5k if taxable income is excess INR 5 lakhs. Then penalty is INR 1k for people with total taxable income less than INR 5 lakhs. There are many benefits that Assessee will miss out on for filing Incom e tax return after the deadline.
How many Income tax Return’s have been Filed & Submitted till 31st December 2021?
- It is quite important that about 5.89 crore ITRs were filed on the new Income tax e-filing portal before the Dec 31 deadline for Financial Year 2020-21 (finishing March 2021).
- Approximately 46.11 lakh ITRs were filed On the 31st of December itself.
- According the CBDT “Approximately 5.89 Cr ITR’s have been recorded on the new Income tax e-filing site of the Income Tax Dept until December 31, 2021,”
- Out of the 5.89 crore Incom e tax returns petitioned for the appraisal year 2021-22 (Financial Year 2020-21), 49.6% ITR Form -1 (2.92 Cr), 9.3% ITR Form -2 (54.8 lakh), 12.1% ITR form -3 (71.05 lakh), 27.2 % ITR Form-4 ( 1.60 Cr), 1.3% ITR Form -5 (7.66 lakhs). Aside from this 2.58 lakh ITR form-6 & 0.67 lakh ITR Form 7 were Filed.