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Income Tax Return: Income tax return could not be filled till 31st December, do not worry, you have more opportunity

Income Tax Return: We all know that the last date for filing Income Tax Return is 31 December 2021 (Last Date of Income Tax Return). But, there are many people who are not able to file their ITR till this date. So she is very upset. But, you don’t need to be worried. Along with paying Late Fees of Income Tax Return, you can file ITR till March 31, 2022.

How much will be the late fee?
Let us tell you that under section 139(1) of the Income Tax Act, in case of non-filling of ITR on time, that person has to pay a penalty under section 234A. Along with this, he can file ITR by 31 March 2022 with a fine of 5 thousand. If your total annual income is less than Rs 5 lakh, you can also file a return by paying a fine of Rs 1,000. You will not have to pay any kind of penalty on the annual income of less than 2.50 lakhs.

Also read: Post Office Scheme: Want to double the money as soon as possible? Invest in this post office scheme

This loss is not to be filed by 31st December
If you do not file ITR by the last day of the year 2021, then you may suffer losses in many ways. Filing ITR before the given date allows you to carry forward your loss to the subsequent financial years.

read this also: Railway’s circular to its employees, if Corona Vaccine is not installed yet, then entry will be closed here, holidays will also be cut

This will give you benefit in your tax next year. You will not get any benefit after the due date. Along with this, you will also not get the benefit of many types of tax rebate.

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Shivam Bangwal

Shivam Bangwal is a young entrepreneur who is professional full time tech, travel and coding enthusiast with a post graduation degree of Master's of Computer Applications. He is a founder of Youthistaan, People News Chronicle, Branding Panther and Digital Leader.

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