Have you filed your Income Tax Return? Not Yet? Only 4 days remain!!
Posted on: 27/Jul/2022 6:18:52 PM
As 31st July is the last date to file the Income Tax Returns, it is better to rem, and that there are only 4 days left for the same!
As 31st July falls on a Sunday, even if it is declared as a working day, there will be only 5 days.
We have only to wait and watch whether those who have not filed their Income Tax Returns will do so within the balance of 5 days OR whether the extension will be given for the same!
In this situation, it is learnt that only less than 50% of the Tax Payers have filed their return and the balance is yet to do it!
The experts observe that the revision of the Annual Information System and some technical snags are the reasons for the failure of the majority of Tax Payers not to file their Income Tax returns!
Statement
31st July is the date on which the report on the Income Tax for the accounts is still to be audited!
Mainly, these accounts include 3 categories - Hindu Undivided Family (HUF), Association of Person (AOP) and Bureau of Persons (BOP) and also individuals (including their salaries).
Commercial Organisations with Auditing mandatory must file their Income Tax Returns before 31st October.
On the internet website: www.incometax.gov.in, around 2.48 Crore Returns have been filed as of 22nd July.
5.89 Crores Returns have been filed as on 31st December last year.
As on 15th March 2022, more than 6.63 Crores returns have been filed.
As more than 46.11 Lakhs returns have been filed as on 31st December, and over 5.43 Lakhs returns have been filed on 15th March, the trend is clear to file Income Tax returns only on the last few Days!
Further, the Tax Payers who need to file their Income Tax Returns before 31st July failed to do so, the penalty will be charged for the late filing of returns!
In case they take up to 31st December to file IT returns, a fine of up to Rs. 5000/- may be imposed! After this, in case of further delay, an additional fine of 1% interest will be charged!
