ITR Filing Alert: If you have not yet submitted the Income Tax Return for the year 2022, then you have a chance till December 31, 2022 to submit it. Earlier July 31, 2022 was its last date, but those who still have not been able to file their ITR. The Modi government at the center has given him another chance. They can fill their ITR till 31 December 2022 with a late fee of Rs 5000. But if there is a delay beyond this, you will have to pay double the fine, which means Rs 10,000.
The fine will double from January 1
Submit your ITR by December 31, otherwise from January 1, 2023 next year, the penalty amount is going to be double i.e. Rs 10,000. Keep in mind that this does not include those people for whose ITR audit is necessary. In this, relief has been given to such people, in which the total income does not exceed Rs 5 lakh.
This is the complete details About ITR filing
As per the IT Act, for those whose total income does not exceed Rs 5 lakh, the late fee is only up to Rs 1000. Also, on late submission of ITR, you have to pay interest on tax along with late fees. However, this interest is charged on a monthly basis. Interest of up to 1 per cent is levied on the amount of tax.
What if you become a defaulter
According to the rules of the Income Tax Department, if you are not depositing ITR intentionally, then you are considered a defaulter in the eyes of the department. In this, a penalty equal to 50 percent of the unreported income will be imposed on the taxpayer. You can be jailed for 6 months to 7 years. If the amount of tax evasion is less than 25 lakh rupees, then the jail will be within 3 months to 2 years.