Income Tax Return Deadline Ended: How Much Penalty Should Be Paid?Thangaraja Palaniappan (Author) Published Date : Aug 01, 2022 10:54 IST
The deadline for filing income tax returns for the financial year 2021-22 ended yesterday. Now those who file have to pay the penalty. It has come to shock that around 7,500 ITRs filed every minute during the last hour yesterday. More than 5.6 crores ITRs have been filed.
As per the rule, those with an annual income of more than Rs.2.5 lakhs should file an income tax return. The central government gave time until July 31 to file income tax returns for the financial year 2021-22.
The deadline for filing income tax returns has been extended for the last two years. Last year the deadline was extended till December 31. Due to this, many people expected that the deadline would be extended this time too. Many people appealed to the central government to extend the deadline. The hashtag #Extend_Due_Date_Immediately trended on Twitter. However, the central government refused to extend the deadline.
Those who have not filed their income tax return by yesterday will have to pay the penalty for filing further. They can file an income tax return with a penalty by December 31. Those with an annual income below Rs 5 lakh will have to pay a fine of Rs 1,000, and those with an income above Rs 5 lakh will have to pay a fine of Rs 5,000.