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Easy methods to File ITR if You Missed July 31 Deadline: Penalties and All You Have to Know

Earnings tax return (ITR) submitting for AY 2021-22 was July 31. In case you are amongst those that waited for the final date regardless of repeated reminders by the Earnings Tax (IT) division after which had been unable to file the returns attributable to some unforeseeable circumstances, you needn’t fear. There may be nonetheless time so that you can file your ITR — by December 31, 2022 — however this time you’ll have to pay a penalty. Miss the date once more and chances are you’ll land in jail.

Those that missed the July 31 deadline for submitting ITR can nonetheless file the belated ITR by December 31 however with a late payment. The Indian authorities rejected the proposal to increase the ITR submitting due dates this 12 months so you should have this second go together with some monetary repercussions. Below part 234F of the Earnings Tax Act, 1961, the taxpayer can also be required to pay a penalty of as much as Rs. 5,000 for delaying the ITR.

The method of submitting a belated ITR is similar as submitting the standard ITR. Nevertheless, earlier than you begin submitting a belated ITR, a person is required to pay a late submitting payment which may be paid by utilizing challan quantity 280 on-line on the NSDL web site or by visiting the financial institution department. As per the legislation, a late submitting payment of Rs 5,000 shall be levied on people who file belated ITR whose complete revenue exceeds Rs. 5 lakh. For these whose complete revenue doesn’t exceed Rs. 5 lakh, the late submitting payment shall be Rs. 1,000.

Moreover, individuals who miss this date as nicely will not have the ability to file the ITR except the IT division sends a tax discover. Those that file ITR after December 31 could need to pay double the penalty, i.e., as much as Rs. 10,000 after the revenue tax division discover. They might be prosecuted for six months to 7 12 months jail time period as nicely. Other than the late payment, taxpayers can also need to pay curiosity on the late cost of taxes.

Some taxpayers are exempted from penalty who’ve revenue lower than the essential exemption quantity. These are as follows:

1.) Those that are beneath 60 years and have a gross annual revenue of Rs 2.5 lakh

2.) Those that are above 60 years however beneath 80 years of age and have gross annual revenue of Rs. Three lakh

3.) Those that are above 80 years of age and have gross revenue of Rs. 5 lakhs.

So as to keep away from all the trouble, we advocate you file your ITR earlier than the deadline from subsequent time onwards. So as to file, work out which ITR type of the 4 varieties to file ITR.

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