ITR Filing With Penalty: Now how much penalty will have to be paid for filing income tax return! know in detail
ITR Filing With Penalty: The last date for filing income tax returns for the financial year 2021-22 and assessment year 2022-23 has ended on July 31, 2022. If you have not filed your Income Tax Return by 31st July 2022, what penalty will you have to pay for filing your return now? At the same time, you will get less time than before for verification of income tax return.
now have to fill ITR Penalty
The last date for filing income tax return has passed. However, taxpayers who have not been able to file the return can still file the return, but they will have to pay the penalty. Taxpayers whose taxable income does not exceed Rs. 5 lakh is more than Rs. A fine of five thousand will be imposed. And they have to file income tax return by 31st December 2022. Therefore, those taxpayers whose taxable income does not exceed Rs. 5 lakh is less than Rs. One thousand fine will be imposed. Also, those who have tax arrears will have to pay an additional interest of one percent per month for late filing of returns. However, any person whose income does not exceed Rs. 2.50 lakhs, no penalty will be required to be paid below the tax exemption limit.
The period for verification of returns has been reduced from 120 days to 30 days after filing of income tax returns by the due date. That is, if the ITR verification is not done within 30 days, then the income tax return filed by you will be considered invalid. As per the notification issued by CBDT, any taxpayer who has filed income tax return on or after August 1, 2022 will have to undergo return verification within 30 days. Earlier the verification had to be done within 120 days for filing income tax returns. Day.