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ITR Filing With Penalty: Know now how much penalty will have to be paid for filing income tax return!

ITR Filing With Penalty: The deadline for filing income tax returns for the financial year 2021-22 and assessment year 2022-23 has ended on July 31, 2022. If you have not filed Income Tax Return till 31st July 2022, then now where you will have to pay penalty on filing the return. At the same time, you will get less time for verification of income tax returns than before.

Now ITR will have to be filled with penalty
The deadline for filing income tax returns is over. However, the taxpayers who have not been able to file the return can still file the return but they will have to pay a penalty. Taxpayers whose taxable income is more than Rs 5 lakh will now have to pay a penalty of Rs 5,000 for filing income tax returns. And they will be required to file income tax return by 31 December 2022. So the taxpayers whose taxable income is less than Rs 5 lakh will have to pay a penalty of Rs 1,000. Also, those who have tax dues will have to pay an additional interest of one percent every month for late filing of returns. However, any person whose income is less than the tax exemption limit of Rs 2.50 lakh will not have to pay any penalty.

The period for verification of returns after filing income tax returns on the end of the deadline has been reduced from 120 days to 30 days. That is, if the ITR verification is not done within 30 days, then the income tax return filed by you will be called invalid. According to the notification issued by the CBDT, any taxpayer who files income tax return on or after August 1, 2022, will have to verify the return within 30 days. Earlier, for filing income tax return, the verification had to be done within 120 days. .

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