ITR Last Date Big Update: By October 31, these people will be able to file Income Tax Return, there will be no penalty, know full update

0
608
Income Tax Saving : If your annual salary is Rs 10.5 lakh, then you will not have to pay 1 rupee tax, understand the complete calculation here
Income Tax Saving : If your annual salary is Rs 10.5 lakh, then you will not have to pay 1 rupee tax, understand the complete calculation here

Income Tax Calculator: People in the country have to file Income Tax Return once in a year. For those people whose income is taxable, then it becomes very important to file ITR.

Big Update Income Tax Return Filing: Every year people have to file Income Tax Return. People are also given time by the government for this process. At the same time, people are also told a fixed date so that people file income tax returns by that date. However, some people are not able to file their Income Tax Return even by the stipulated date, after which they have to bear the penalty. This penalty is collected as Income Tax Return (ITR) late fee.

Read Also: New Rule Apply: These important rules have changed from today, what will be the effect on people’s pockets, know the full update

feel fined

The last date for filing Income Tax Return (ITR) for the financial year 2021-22 was Sunday 31 July 2022. This means taxpayers whose accounts are not required to be audited were required to file income tax returns by this date. Individual income tax payers who have not filed ITR by July 31, if their income is taxable, will have to pay a penalty of Rs 5000.

31 October these people can file, who knows

Salaried individuals are required to file their income tax return by 31st July, while corporates or those who need to get their accounts audited can file their returns by 31st October of the assessment year. In such a situation, these people will not face any penalty for filing ITR return by 31 October.

Read Also: Indian Railways: Now no extra money will have to be paid for food in the journey, IRCTC has released the updated menu of the food in the train

so many returns filed on the last day

At the same time, the last date for submission of Income Tax Return (ITR) for the financial year 2021-22 for individual income tax payers was 31 July. More than 63.47 lakh returns had been submitted till 10 pm on the last day, Sunday. The Income Tax Department has set July 31 as the last deadline for submission of ITR.

was constantly requesting

The department has been continuously requesting the taxpayers to submit the returns within the stipulated time to avoid the burden of late fee. Earlier, till July 30, more than 5.10 crore returns had been filed. With the ITR filed on Sunday, the total number of income tax returns for the financial year 2021-22 has crossed 5.73 crore.

Read Also: PM Kisan: 12th installment of PM Kisan Fund will come in the account on this date, know full update