Earnings Tax Submitting: The federal government isn’t prone to prolong the earnings tax return submitting date, it stated on Friday December 31. The final date to file earnings tax return is December 31. In a press briefing of the GST Council meet chaired by finance minister Nirmala Sitharaman, income secretary Tarun Bajaj confirmed that there are completely no possibilities to increase the due date of ITR submitting. As of now, 5.62 crore ITRs have been filed, the federal government official stated.
“Greater than 5.5 crore #ITRs for AY 2021-22 filed until 11:30 am at the moment! This contains 2.15 lakh #ITRs filed within the final one hour,” the earnings tax division tweeted on Friday morning. As of now, 5,69,36,838 ITRs have been filed, in line with information
“There isn’t any proposal to increase the date for earnings tax return submitting. Earnings tax return submitting is occurring easily. By 3pm at the moment, 5.62 crore returns have been filed in complete. In the present day, greater than 20 lakh returns had been filed. This yr 60 lakh extra returns have been filed,” Bajaj stated through the press briefing to reporters.
ITR Type 1 (Sahaj) and ITR Type 4 (Sugam) are easier Types that cater to a lot of small and medium taxpayers. Sahaj will be filed by a person having earnings as much as Rs 50 lakh and who receives earnings from wage, one home property / different sources (curiosity and so on). ITR-Four will be filed by people, HUFs and corporations with complete earnings as much as Rs 50 lakh and having earnings from enterprise and occupation.
The prolonged deadline for submitting ITR by people ends on December 31. The unique deadline was July 31, 2021. For the 2019-20 fiscal, 5.95 crore ITRs had been filed until the prolonged deadline of January 10, 2021.
If you’re an Indian taxpayer and fail to file your earnings tax return by the due date of December 31, 2021, as notified by the federal government, there are a number of issues which will occur to you. Nonetheless, you also needs to observe that the due date isn’t identical because the final date, and you’ll nonetheless file your ITR by March 31, 2022 below sure circumstances. For one, you’ll lose your proper to hold ahead any losses which were incurred through the present yr and can’t be set off in opposition to the earnings through the present yr.
Submitting your ITR after the due date will even entice a penalty of Rs 5,000 along with the above talked about expenses whereas submitting your returns. That is relevant for individuals with above Rs 5 lakh earnings. In case the earnings is beneath Rs 5 lakh, the penalty quantity is Rs 1,000 as per the federal government. Subsequently, even in case you are submitting for a non-taxable quantity, you continue to need to pay the penalties.
In case you fail to file your earnings tax return even after the final date, that’s March 31 2022, the I-T division can cost a minimal penalty of 50 per cent of the payable tax quantity along with all of the curiosity expenses and penalties talked about above. The tax division additionally has the appropriate to place you behind the bars for a interval of three years if the tax to be collected from you exceeds Rs 10,000.
Through the GST Council assembly briefing, Sitharaman additionally stated that the council has determined to retain the established order on GST fee on textile to five per cent and never increase it to 12 per cent. The difficulty of GST fee on textile might be despatched to the tax fee rationalization committee which is able to submit its report by February.