The Central Government on January 11 extended the deadline to file the Income Tax return by March 15, 2022. While the last date to file the tax audit report has also been increased till February 15, 2022. Now the taxpayers can file their income tax returns for Financial Year 2020-21 by March 15, 2022.<\/p>\n\n\n\n
The government took this decision after receiving numerous requests from charted accountants representing different groups, who delayed filing their Income tax returns due to Covid 19. The market has been heavily compromised by the infectious virus in the past couple of years.<\/p>\n\n\n\n
Earlier, the deadline was on December 31, 2021, for filing income tax returns for the financial year 2020-21. And the deadline for filing tax audit reports was previously set for January 15, 2022. The taxpayers had to pay a penalty of Rs 5,000 for filing the ITR after the deadline.<\/p>\n\n\n\n
As per ITR experts, the due date of ITR filing is March 15, 2022. But in case of missing to file the ITR by the due date of March 15 2022, a taxpayer will have to pay a flat fine of Rs 5,000, if the taxable income is more than Rs 5 lakh. If taxpayers do not make it to file the ITR by the due date, they will also lose some benefits, such as carry forward of losses, interest on the excess tax paid by the taxpayers.<\/p>\n\n\n\n
As per ITR experts, a taxpayer will have to pay a late fine of Rs 5,000, if their taxable amount is more than Rs 5 lakh, while those whose taxable amount is below Rs 5 lakh, will have to pay a late fine of Rs 1,000.<\/p>\n\n\n\n
And for those who do not file their income tax return (ITR) at all, the Income Tax Department will charge a penalty between 50-200 per cent of the assessed tax and there is also a provision of prosecution ie., rigorous imprisonment of up to 7 years. <\/p>\n","protected":false},"excerpt":{"rendered":"
Government on January 11 extended the deadline to file the Income Tax return by March 15, 2022. While the last date to file the tax audit report has also been increased till February 15, 2022. Now the taxpayers can file their income tax returns for Financial Year 2020-21 by March 15, 2022<\/p>\n","protected":false},"author":4,"featured_media":247315,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_eb_attr":"","footnotes":"","jetpack_publicize_message":"Government extends deadline to file Income Tax return to March 15\n\n#ITR #IncomeTaxreturnsdeadline","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1497,1518],"tags":[118720,117077,118719],"yst_prominent_words":[25614,4747,27358,4077,18328,42619,25611,25606,8638,8124],"ppma_author":[140543],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/d2r2ijn7njrktv.cloudfront.net\/apnlive\/uploads\/2021\/12\/31124919\/ITR.jpg","jetpack_sharing_enabled":true,"authors":[{"term_id":140543,"user_id":4,"is_guest":0,"slug":"apnnewsdesk","display_name":"APN Live","avatar_url":"https:\/\/secure.gravatar.com\/avatar\/478eacb893eda88aa6ed8d99b005bf58?s=96&r=g"}],"_links":{"self":[{"href":"https:\/\/apnlive.com\/wp-json\/wp\/v2\/posts\/258497"}],"collection":[{"href":"https:\/\/apnlive.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/apnlive.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/apnlive.com\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/apnlive.com\/wp-json\/wp\/v2\/comments?post=258497"}],"version-history":[{"count":0,"href":"https:\/\/apnlive.com\/wp-json\/wp\/v2\/posts\/258497\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/apnlive.com\/wp-json\/wp\/v2\/media\/247315"}],"wp:attachment":[{"href":"https:\/\/apnlive.com\/wp-json\/wp\/v2\/media?parent=258497"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/apnlive.com\/wp-json\/wp\/v2\/categories?post=258497"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/apnlive.com\/wp-json\/wp\/v2\/tags?post=258497"},{"taxonomy":"yst_prominent_words","embeddable":true,"href":"https:\/\/apnlive.com\/wp-json\/wp\/v2\/yst_prominent_words?post=258497"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/apnlive.com\/wp-json\/wp\/v2\/ppma_author?post=258497"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}