new Delhi. The Income Tax Department had given time till 31 December 2021 to the taxpayers to file Income Tax Return (ITR). After this, for the convenience of taxpayers, the date of filing ITR has been extended to 31 March 2022. This is the last chance to file ITR for assessment year 2021-22, for which only four days are left.
Even till this period, if the taxpayers do not file the ITR, then they may have to face a lot of difficulties. Neeraj Aggarwal, Partner, Nangia Andersen LLP says that the belated return is considered as the last opportunity to voluntarily file ITR. If you miss the due date for late filing of return, you lose your chance to voluntarily file ITR. After this, it can be filled only when the Income Tax Department starts scrutiny.
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investigation may begin
Purva Prakash, partner, Deloitte India, says that even after March 31, 2022, if the taxpayers do not file the return, then under section 142(1) or 148, investigation can be done against you. Show cause notice can also be issued under 142(1). Generally, this is applicable to taxpayers whose income is less than the minimum taxable income limit, but for that it is necessary to file ITR.
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may have to pay fine up to 200%
Purva Prakash says that notice under section 148 is issued when the Assessing Officer considers that the income has not been fully assessed due to non-filing of ITR. In such cases, he can impose a fine ranging from 50 percent to 200 percent of the total tax. Also, non-filing of ITR on time will result in levying interest of one per cent every month on outstanding tax under section 234A.
Could be jailed for two years
Purva Prakash says that action can also be taken against taxpayers if there is no valid reason for not filing ITR. Income tax department can initiate action under section 276CC. Taxpayers can be imprisoned from three months to two years for tax evasion. Along with this fine can also be imposed.
Tags: income tax, ITR, ITR filing, Taxpayer
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