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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