Penalty On Income Tax Return After
31st July 2022
There is a fine of up to Rs. 5000 on belated ITR filing, which can be
done till December 31, 2022.
Due Date -
31st July 2022
The due date of Income Tax Return filing for Financial Year
2021-22 (Assessment Year 2022-23) was July
31, 2022.
Taxpayers who failed to file their returns by the due date, would have to pay a penalty from today.
According
to the
Income Tax Department more than
5 crore
ITRs were filed till
30 July.
A late fee of
Rs 5,000 for people having
an Annual
Income of over
Rs 5 Lakh.
This will
Rise up to
Rs 10,000 if
the ITR is
filed after
December 31st but before March 31 of the Assessment Year.
According to Section 234F, Individuals who have
an Annual Income below Rs 5 Lakh will be liable for a late fee of
Rs 1,000.
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