Income Tax Return Big Update! Fine Will Be Imposed If ITR Not Paid By This Date

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If you are a taxpayer and you have not yet paid income tax return then this news is for you.

An Indian citizen has to file an income tax return(ITR) if his/her gross total income is more than the taxable limit in a financial year.

Likewise, you do not have to file your income tax return if you do not cross the taxable limit. However, there are some exceptions where you have to file ITR even if your gross total income doesn’t exceed the taxable limit.

If you have received Form-16 from the office, then file ITR as soon as possible. This is because the last date for filing income tax returns is 31st July 2022.

After this, you will have to pay a penalty for filing ITR. Secondly, as the last date approaches, the load increases due to the filing of returns by more taxpayers on the website and in such a situation there is a problem.

It is noteworthy that, the last date for filing income tax returns for those who require audit is 31 October 2022. Whereas the last date for filing income tax return for such business which requires TP report is November 30, 2022.

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