Last Updated: August 01, 2022, 19:16 IST(*72*)
Individuals with an annual earnings of beneath Rs 5 lakh might be liable to pay a late payment of Rs 1,000 for delayed return submitting. (Photo: Shutterstock)(*72*)
Individuals with an annual earnings of beneath Rs 5 lakh might be liable to pay a late payment of Rs 1,000 for delayed return submitting
The Income Tax Department has obtained about 5.83 crore tax returns, largely from salaried and particular person class taxpayers, by the top of the monetary yr 2021-22 submitting season on July 31, officers mentioned Monday. The newest numbers are about the identical because the final fiscal (2020-21).(*72*)
The due date for submitting of earnings tax returns (ITRs) by salaried class and particular person class taxpayers, who wouldn’t have to get their accounts audited for the fiscal ending March 31, 2022, was July 31 (Sunday). “We have received about 5.83 crore returns by the end of July 31. Data is being reconciled to state the actual figures,” a senior officer mentioned.(*72*)
The officer mentioned over the past fiscal, the due date for which was prolonged until December 31, 2021, across the similar variety of returns — at 5.89 crore — had been filed. More than 72 lakh ITRs had been filed on the final day (Sunday) this time, the officer mentioned.(*72*)
According to the most recent guidelines, a late payment of Rs 5,000 can be payable by these (with an annual earnings of over Rs 5 lakh) who file their ITR by December 31 of the evaluation yr 2022-23. Individuals with an annual earnings of beneath Rs 5 lakh might be liable to pay a late payment of Rs 1,000 for delayed return submitting.(*72*)
Besides, those that have excellent unpaid tax must shell out an extra 1 per cent curiosity monthly for delayed submitting. The late payment is not going to apply to these taxpayers whose earnings is beneath the taxable restrict.(*72*)
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