IT returns deadline today: Check required documents, penalty for filing late
Taxpayers can submit their current ITR by the extended due date of December 31 or by March 31, 2022.
- Dec 31, 2021,
- Updated Dec 31, 2021 9:00 AM IST
The deadline for filing your income tax returns comes closer. Now there are two dates for ITR filing – the last date and the due date. Due date and last date for filing the ITR of taxpayers has been extended to December 31 and March 31, 2022. Taxpayers can submit their current ITR by the extended due date of December 31 or by March 31, 2022.
With this, the only shortfall is that taxpayers lose the right carry forward any losses for the current year which cannot be written off against the current year’s income. Losses beyond Rs 2 lakh under the house property head or those under business income or capital gains cannot be carried forward to the upcoming year.
DOCUMENTS NEEDED TO FILE AN INCOME TAX RETURN
Procedure of filing an ITR depends on a taxpayer’s income – salary, business and profit on investment in a year. Here’s the list of documents needed to file an ITR
• Form 16 • Form 16A • PAN card • Aadhaar card • Capital gains statement • Form 26AS • Bank statement • Salary slip
PENALTY FOR FILING ITR AFTER THE DUE DATE
If the taxable income is over Rs 5 lakh, taxpayers have to pay a flat late fee of Rs 5,000 if it is submitted after the due date. In case the taxable income is below Rs 5 lakh, the late fee is Rs 1,000.
Present income tax laws also state that in case the amount of tax sought to be avoided exceeds Rs 10,000, there is a minimum sentence of three years of imprisonment and a maximum of seven years.
Also read: Filing ITR, adding EPF nominee, other tasks to complete before Dec 31
Also read: Income Tax Returns: What happens if you miss the ITR due date?
Also read: ITR deadline: Netizens take potshots at slow portal; meme-fest ensues
The deadline for filing your income tax returns comes closer. Now there are two dates for ITR filing – the last date and the due date. Due date and last date for filing the ITR of taxpayers has been extended to December 31 and March 31, 2022. Taxpayers can submit their current ITR by the extended due date of December 31 or by March 31, 2022.
With this, the only shortfall is that taxpayers lose the right carry forward any losses for the current year which cannot be written off against the current year’s income. Losses beyond Rs 2 lakh under the house property head or those under business income or capital gains cannot be carried forward to the upcoming year.
DOCUMENTS NEEDED TO FILE AN INCOME TAX RETURN
Procedure of filing an ITR depends on a taxpayer’s income – salary, business and profit on investment in a year. Here’s the list of documents needed to file an ITR
• Form 16 • Form 16A • PAN card • Aadhaar card • Capital gains statement • Form 26AS • Bank statement • Salary slip
PENALTY FOR FILING ITR AFTER THE DUE DATE
If the taxable income is over Rs 5 lakh, taxpayers have to pay a flat late fee of Rs 5,000 if it is submitted after the due date. In case the taxable income is below Rs 5 lakh, the late fee is Rs 1,000.
Present income tax laws also state that in case the amount of tax sought to be avoided exceeds Rs 10,000, there is a minimum sentence of three years of imprisonment and a maximum of seven years.
Also read: Filing ITR, adding EPF nominee, other tasks to complete before Dec 31
Also read: Income Tax Returns: What happens if you miss the ITR due date?
Also read: ITR deadline: Netizens take potshots at slow portal; meme-fest ensues