You probably have not filed Earnings Tax Return, then do it quickly. Its final date is July 31, 2022. Many individuals are ready for the Earnings Tax Division to increase the deadline. To date this has not been indicated by the division. If the Earnings Tax Division doesn’t lengthen the deadline, then you could undergo a loss.
If you don't file revenue tax return by thirty first July this yr, then you are able to do so by thirty first December this yr. For this, you'll have to pay curiosity on penalty and tax. That is referred to as a belated return. Tax specialists say that taxpayers ought to keep away from submitting belated returns.
For submitting the billed return, you'll have to pay a penalty of Rs 5000. If the annual revenue is lower than Rs 500000 then the penalty will likely be Rs 1000. This late price is levied below part 324F of the Earnings Tax Act, 1961. You need to pay this late price earlier than submitting the belated return.
One of many disadvantages of submitting a belated return is that you simply will be unable to hold ahead sure sorts of losses. This consists of revenue from different sources, revenue from capital beneficial properties, revenue from enterprise and career.
Second, in case your revenue tax refund is made, this cash will grasp. The refund cash will likely be credited to your account solely after you've filed and verified your belated return. Curiosity is offered on the fee of 0.50 per cent each month on the revenue tax refund quantity. There isn't a curiosity in your refund quantity for those who file a belated return.
Aside from the penalty of Rs 5000, additionally, you will need to pay curiosity on the tax quantity. This will likely be 1% of the tax quantity per thirty days. On this manner, the disadvantages of submitting belated returns are extra, the benefits are much less.
It's also vital to know that when you've got not filed the belated return by December 31 this yr, then you definitely can't file the revenue tax return till the tax division sends you a discover.
Earnings Tax Division has tweeted from its Twitter deal with. It stated that until July 28, 4.09 crore revenue tax returns have been filed. Greater than 36 lakh returns had been filed solely on July 28. The Earnings Tax Division can also be sending reminders for return submitting to taxpayers via SMS and e mail.