ITR filing FY 2021-22: Know Last Date And Penalty if You Miss DEADLINE
Take two printed copies of Form ITR-V if the taxpayer files their income tax return without using a digital signature.
ITR filing AY 22-23: The deadline for salaried taxpayers and non-auditable accounts to file their income tax returns (ITRs) is quickly approaching. Therefore, it is advisable to submit your ITRs before the deadline in order to avoid having to pay a high charge or penalty for doing so.
The final day to file an income tax return is July 31 for taxpayers whose accounts do not need to be audited for the fiscal year 2021–2022.
In exchange for timely ITR filing, you receive a number of perks, including quick bank loan approval, an early tax refund, an early government tender approval, and more. The most significant of these is that you participate in the narrative of national growth. As a result, it is always a great choice to file your income tax return well in advance of the due date.
ITR filing late fees: According to the law, people who file their ITR after the due date must pay a penalty of Rs 5,000. The punishment takes the shape of a late fee. If the assessed person’s total annual income is less than Rs 5 lakh, there is a punishment of Rs 1,000.
How to file an ITR:
There are several ways to file return forms with the income-tax department:
1. Submitting the return on paper;
2. By electronically submitting the return with a digital signature;
3. By electronically submitting the return’s data under an electronic verification code;
4. By electronically transferring the data in the return and submitting the return’s verification in Return Form ITR-V,
Take two printed copies of Form ITR-V if the taxpayer files their income tax return without using a digital signature.
Within 120 days, the taxpayer must send one copy of the ITR-V, fully signed, to the post or speed post to Income-tax Department – CPC, Post Bag No. 1, Electronic City Post Office, Bengalore–560100 (Karnataka). Taxpayers may retain the other copy for the record purpose.
