The last date for filing Income Tax Return (ITR) is December 31. If you do not file income tax return on time this year, then you will have to pay a heavy penalty. The Income Tax Department on Tuesday appealed through a tweet to the taxpayers to file their ITR for the assessment year 2021-22 within the extended due date of December 31, 2021.
However, if a taxpayer is not able to file his ITR by the due date i.e. 31st December, 2021, he can still submit the income tax return till 31st March, 2022. Filing of ITR for assessment year 2021-22 after December 31, 2021 will attract a penalty of Rs 5,000 and filing returns after March 31, 2022 will attract a penalty of Rs 10,000.
The Income Tax Department has advised people to file Income Tax Returns soon by tweeting. According to the department, if you want to avoid paying penalty for filing return after the stipulated time limit, then file ITR before December 31, 2021. It is noteworthy that this time the Income Tax Department has given time till December 31, 2021 for the income tax return to be filed, usually by July 31, due to Corona and many other problems.
According to data received from the Income Tax Department, more than 4.51 crore taxpayers have filed income tax returns for the financial year 2020-21 (assessment year 2021-22) till December 26, 2021. On December 26 alone, 8.7 lakh people have filed ITR. However, a total of 5.95 crore returns were submitted for the financial year 2019-20.