🪷 ITR Filing : If the returns are delayed, it is not just a penalty.. these will be lost!
► The deadline for filing Income Tax Returns (ITR Filing) for the previous financial year will end tomorrow (July 31, 2022).
► The government has extended the deadline for filing ITR for the last two years due to problems arising in the new IT website due to Covid-19.
► But even though the government has clarified that the deadline will not be extended this time, many people are delaying the filing of returns due to the extension of the deadline.
► If the deadline is not extended ..those who do not file ITR within the deadline will lose some benefits along with penalty.
► Those who have not filed ITR before 31st July can file ITR before 31st December 2022. But some fine has to be paid.
► As per Section 234F of Income Tax Act 1961, Rs.5000 as penalty for late filing of ITR.
► Earlier the penalty was Rs.10,000. But in the 2021 budget, it has been reduced to half. Those whose annual income is more than Rs.5 lakhs will have to pay a fine of Rs.5000 and those whose income is less than Rs.1000.
*❄️ benefits to be lost..*
► Late filing of ITR cannot offset losses like capital gains. Only loss incurred on sale of house property can be adjusted.
► Refund is available only after duly filed and verified returns. As returns are delayed in filing, refunds are also delayed.
► Timely filing of ITR will attract interest at the rate of 0.5 percent for every month of delay in refund. If there is delay in filing ITR then this benefit will be lost.
► If there is any arrears from the side of the tax payer.. interest up to 1 percent will have to be paid on it from the last date of ITR filing.
► If IT returns are not filed even after December 31, 2022, notices will be received from the IT department.
► Last date for Incometax e-filing is 31-07-2022.
File now from below. Official direct link 👇
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