More than 4 Crore people filed ITR. What happens if you don’t

Filing of tax return: The Income Tax Department recently revealed that over 4.43 million income tax returns (ITRs) for the 2020-21 fiscal year have been filed. This includes more than 11.68 lakh returns filed on December 25. This includes over 2.41 crore ITR-1 and 1.09 crore ITR-4 deposited for the 2020-21 fiscal year (2021-22 valuation year) through December 25, 2021. The news was shared by the IT department on his Twitter account. In this regard, note that the extended deadline for filing ITRs by individuals ends on December 31, which is a Friday. The original deadline was July 31, 2021. For the financial year 2019-2020, 5.95 crore ITR was deposited till the extended deadline of January 10, 2021.

“A total of 4,43,17,697 #ITRs were filed through 25.12.2021 of which 11,68,027 #ITRs were filed the same day,” the IT department tweeted. The department reminded taxpayers to file their returns for the 2020-21 fiscal year by sending text messages and emails.

Here’s what will happen if you don’t file your tax return or ITR by December 31:

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.

In addition, you will also lose the right to obtain interest on the amount of excess tax paid by you or on your behalf in excess of your tax liability, for the period of delay allocated by you. If the taxes paid by you or on your behalf are less than your gross tax payable, you will have to pay a penalty for the period of delay in submitting your tax return even if the shortfall was paid after March 31 . You will also have to pay interest for such shortfall.

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.

Therefore, keeping all these things in mind, it is advisable to file the ITR before the due date i.e. December 31 to avoid all these situations. 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 whose income is generated.

(With PTI inputs)

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