Don't be disheartened if you haven't filed your ITR by 31st July, the last date for filing ITR. You can file the return by 31st December 2022. For this, you will have to pay a late fee. If your income is more than Rs 5 lakh, then he will have to pay a late fee of Rs 5000 by the last date of 31 December 2022. Whereas in case of income less than 5 lakhs, a late fee will be Rs 1,000.
According to the data given on the website of the Income Tax Department, there are 10.54 crore individual registered users. For the assessment year 2022-23, 5 crores 82 lakh 88 thousand 962 people have filed income tax returns so far. Of these, 3.01 crore ITRs are in the process of being verified.
What do tax experts say?
CA Ajay Bagdia says, “If an individual with an income group fails to file ITR by the due date of July 31, 2022, he can still file his income tax return. If the annual income of an individual taxpayer is more than Rs 5 lakh. more, then he will have to pay a late fee of Rs 5000 by the last date December 31, 2022. While in case of income less than 5 lakh, he will have to pay a late fee of Rs 1,000.
Can be jailed for not filling
At the same time, CA Santosh Mishra says that in the current income tax rules, there is a provision for imprisonment of at least 6 months and maximum imprisonment of 7 years. It is not that the department can prosecute you in every case of failure to file ITR. The income department can be prosecuted only if the amount of tax exceeds Rs.10,000.According to Mishra, the Government of India has the power to prosecute a person belonging to the income group who does not file ITR for AY2022-23 by the stipulated time, December 31, 2022.
