What to do after missed to filing the income tax
If you missed to filing the income tax on the assessment year 2021-22 , the person should file the belated ITR .it will be required to pay a penalty fee to compensate for the delay. The penalty is fixed in the Finance Act. The penalty can go from Rs 1,000 up to Rs 5,000. According to various reports, if total income does not exceed Rs 5 lakh the penalty is Rs 1,000. People below the income of Rs 2.5 lakh per annum are exempted from paying the penalty fees.
In case a taxpayer fails to file its ITR by the last date i.e. 31st March 2022 the income tax department can levy a minimum penalty equal up to 50 per cent of the tax in addition to the income tax and interest liability till the date a taxpayer files its ITR in response to the notices from the income tax department.”
What to do after missed the deadline of filing income tax
- In case of a missed deadline, the person can file a ‘belated ITR’.
- Under section 234F of the Income Tax Act, the taxpayer will have to pay a late fee along with the ITR.
- The penalty can go from Rs 1,000 to Rs 5,000.
- If you have already filed the ITR, you can file a revised return without penalty.
- The last date for submitting the revised return is March 31, 2022.
- However, many people on Twitter have complained that due to glitches on the portal, they were unable to file the return.
- The government did not extend the deadline further as it was already positioned several times due to Covid-19.