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These taxpayers can still file income tax return without any late fee


ITR submitting: The due date for revenue tax return (ITR) submitting for AY 2021-22 is over and now individuals have probability to file their ITR throughout the final date of thirty first March 2022, shedding some advantages like carry ahead of losses, curiosity on the surplus tax paid, and so forth. Aside from this, the revenue taxpayer must pay a late charge as nicely. Nonetheless, it needs to be famous that not all taxpayers, who did not file their ITR for AY 2021-22 throughout the due date must pay the late charge. In accordance with tax and funding specialists, these taxpayers whose taxable revenue is lower than 2.50 lakh want to not pay any late charge regardless that they did not file their ITR throughout the given due date of thirty first March 2021.

Talking on the ITR guidelines in regard to late charge; Mumbai-based tax and funding knowledgeable Balwant Jain mentioned, “Late fantastic is imposed on these taxpayers who’ve revenue tax legal responsibility. If an individual has taxable revenue beneath 2.50 lakh, there isn’t a revenue tax legal responsibility on such taxpayer, neither in outdated nor in new tax regime. So, if such incomes people file their ITR on or earlier than thirty first March 2022, the revenue tax division doesn’t ask for any late charge from such taxpayers.”

Explaining the late charge provisions in regard to ITR submitting; Kartik Jhaveri, Supervisor — Wealth at Transcend Capital mentioned, “A taxpayer, who did not file its ITR throughout the given ITR due date i.e. thirty first December 2021, is responsible for paying late charge if its taxable annual revenue is greater than 2.5 lakh. There’s distinction between due date and final date. thirty first December 2021 was deadline for ITR due date whereas ITR final date is thirty first March 2021. So, in case, a taxpayer has missed to file one’s ITR for AY 2021-22, she or he has an opportunity to file its ITR throughout the final date. However, the taxpayer is responsible for paying late charge solely when she or he has revenue tax legal responsibility. Since, there isn’t a revenue tax legal responsibility on an incomes particular person if its annual taxable revenue is 2.50 lakh or much less. So, such incomes people want to not pay late charge in the event that they file their ITR throughout the given final i.e. thirty first March 2021.”

Talking on payable late charge for the taxpayers having taxable annual revenue greater than 2.50 lakh; Balwant Jain mentioned, “A taxpayer must pay late charge of 1,000 if its taxable annual revenue is greater than 2.50 to 5 lakh whereas the late charge can be flat 5,000 if the taxable annual revenue is greater than 5 lakh.”

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