New Delhi | Jagran Business Desk: As the due date of filing Income Tax Return (ITR) that is 31st December 2021 for the financial year 2020-21 (AY21-22) is nearing, there has been a rush among the individual category of taxpayers to file their ITR.
IT department on Tuesday revealed that over 4.67 crore income tax returns were filed, including more than 15.49 lakh ITRs filed on December 27 alone.
One must note that the last date for filing ITRs for the 2020-21 fiscal ended on March 31, 2021, but for individual taxpayers, it is December 31, extended from the original date of July 31, 2021.
"Over 4.67 crore Income Tax Returns (ITRs) have been filed on the new e-filing portal of the Income Tax Department as of 27th December 2021. More than 15.49 lakh ITRs were filed on 27.12.2021, and this number is likely to increase further as the due date of 31st December 2021 is approaching. The Department has been issuing reminders to taxpayers constantly."
What Happens If you fail to file your ITR by the deadline?
All the individual taxpayers must hurry to file their ITRs by the due date as there are some disadvantages for those who fail to file the ITR on deadline. Also one must note that the due date of filing ITR is 31st December 2021 however, the last date to file ITR is 31 March 2022.
But if you missed the due date then, you won't be able to carry forward any losses for the current year and cannot be set off against the current year’s income.
Also, you may not get the benefit of interest if entitled, to get a refund for the excess taxes paid for the period of delay. This is because the delay will be attributed to taxpayers if they miss the due date.
Also, there is a fine for all individual payers of Rs 5,000 at the time of filing ITR, in case the taxable income is more than Rs 5,00,000 and Rs 1,000 if the taxable income is below Rs 5,00,000.
In case you failed to file the ITR even after the last that is March 31 of 2022, then the IT dept can charge a minimum penalty that equals 50 percent of the tax which would have been avoided by not filing ITR. You can also be put behind bars for a minimum of 3 yrs if the tax to be collected exceeds Rs 10,000 for a financial year.
How Individual Taxpayers can file ITR?
For filing IT return, ITR Form 1 (Sahaj) and ITR Form 4 (Sugam) are forms that can cater to a large number of small and medium taxpayers.
Sahaj can be filed by an individual having income up to Rs 50 lakh and who receives income from salary, one house property/other sources (interest, etc). Meanwhile Sugam, ITR-4 can be filed by individuals, HUFs, and firms with total income up to Rs 50 lakh and having income from business and profession.
Furthermore, one must note that there have been demands for further extension of the due date of December 31st as many taxpayers complained that the tax filing portal was hanging repeatedly. Many trended hashtags and tagged the IT department to either fix the bugs on the portal or extend the date of filing the IT return.
Posted By: Ashita Singh