Income tax return: The government is not likely to extend the tax filing date, he said on Friday, December 31. The last date to file the income tax return is December 31. Secretary Tarun Bajaj has confirmed that there is absolutely no chance of extending the ITR filing due date. So far, 5.62 crore ITR have been deposited, the government official said.
“Over 5.5 lakh #ITR for AY 2021-22 deposited till 11.30am today! This includes 2.15 lakh #ITR deposited in the last hour,” the Income Tax Department tweeted. income Friday morning.To date, 5,69,36,838 ITRs have been filed, according to data
“There is no proposal to extend the filing date for the tax return. The filing of the tax return goes smoothly. As of 3 p.m. today, 5.62 crores of returns have been filed in total. Today, more than 20 lakh declarations have been filed. This year another 60 lakh have been deposited,” Bajaj told reporters at the press conference.
ITR Form 1 (Sahaj) and ITR Form 4 (Sugam) are simpler forms that cater to a large number of small and medium taxpayers. Sahaj can be deposited by a person with an income of up to Rs 50 lakh who receives income from salary, house property/other sources (interest, etc.). The ITR-4 can be filed by individuals, HUFs and companies whose total income does not exceed Rs 50 lakh and who have business and professional income.
The extended deadline for filing RTIs by individuals ends on December 31. The original deadline was July 31, 2021. For the 2019-2020 financial year, 5.95 crores of RTIs were deposited till the extended deadline of January 10, 2021.
If you are an Indian taxpayer and you do not file your tax return by the due date of December 31, 2021, as indicated by the government, several things can happen to you. However, you should also note that the due date is not the same as the last date and you can still file your ITR before March 31, 2022 under certain conditions. For one thing, you will lose your right to carry forward losses incurred in the current year and cannot be deducted from current year income.
Submitting your ITR after the due date will also incur a penalty of Rs 5,000 in addition to the fees mentioned above when filing your declarations. This applies to people with an income above Rs 5 lakh. If the income is less than Rs 5 lakh, the penalty amount is Rs 1,000 according to the government. Therefore, even if you deposit for a non-taxable amount, you still have to pay the penalties.
If you do not file your tax return even after the last date, i.e. March 31, 2022, the IT department may charge a minimum penalty of 50% of the amount of tax payable in addition to all the interest and penalties mentioned above. . The tax authorities also have the right to put you behind bars for a period of three years if the tax to be collected from you exceeds Rs 10,000.
At the GST Board briefing, Sitharaman also said that the board had decided to maintain the status quo on the GST rate on textiles at 5% and not increase it to 12%. The issue of the GST rate on textiles will be referred to the tax rate rationalization committee, which will submit its report by February.
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