Taxpayers who couldn’t file their ITR until 31 July 2022 for some cause, the federal government has given them one other probability. They will fill their ITR until 31 December 2022. Nonetheless, for this they’ll now must pay a late price of Rs 5000.
If nonetheless they don't file ITR, then subsequent yr this price will likely be double i.e. Rs 10,000. Take into account that this doesn't embody these individuals for whose ITR audit is important. There's additionally some aid on this for such individuals whose complete revenue doesn't exceed Rs.5 lakh.
Dr. Suresh Surana, founding father of RSM India, says that for these whose complete revenue doesn't exceed Rs. 5 lakh, the late price will even be restricted to Rs. 1000 solely. Considerably, late submitting of ITR isn't solely late price but additionally curiosity needs to be paid on tax. This curiosity is charged on a month-to-month foundation. As per the IT Act, curiosity as much as 1% will be levied on the quantity of tax.
What is going to occur if ITR isn't filed?
Suresh Surana explains that if the revenue tax payer doesn't file ITR in time, the Revenue Tax Division has the proper to impose a high quality equal to 50% of the unreported revenue on the taxpayer. If the division feels that the ITR has not been filed deliberately, then the defaulter will be jailed for six months to 7 years. If the quantity of tax evasion is lower than 25 lakh rupees, then the jail will likely be inside 3 months to 2 years.
Inform that you must hyperlink PAN and Aadhaar card to fill ITR. You probably have not finished this then you definitely won't be able to file ITR. The final date for linking PAN with Aadhaar has additionally handed, so for those who do that work now, you'll have to pay a high quality of Rs 1000 for this additionally. You can too full the work of linking PAN with Aadhaar together with submitting revenue tax return on the Revenue Tax web site.