Thats The Final Date To File Your Earnings Tax Return For AY 2021-22

The Final Date To File Your Earnings Tax Return Is March 31. Do not Miss The Deadline

On March 31, 2022, the present monetary yr 2021-22 involves a detailed. If you’re a taxpayer, March 31 is essential for you.

It serves as a reminder to taxpayers that their Earnings Tax Return, or ITR, is due and that it is the final date for submitting the ITR.

The deadline was initially set for July 31, 2021, but it surely was prolonged on account of COVID-19. It was first pushed again to December 31, 2021, then to February 15, 2022, and at last to March 15, 2022.

It’s not advisable to overlook the deadline for submitting an ITR for the reason that earnings tax division might impose a penalty and demand cost of curiosity.

If you’re a salaried taxpayer who has not but submitted your ITR for the 2020-21 fiscal, you’ll very actually be topic to a penalty of Rs 5,000 below Part 234F of the Earnings Tax Act. In case your complete earnings is lower than Rs 5 lakh, nevertheless, you need to pay Rs 1,000. The rule applies to all taxpayers, and even if you’re submitting for a non-taxable quantity, you need to pay the penalty.

As well as, you can be charged a penalty of as much as 50 % of the tax payable. In excessive instances, you can face a three-year jail sentence. Failure to file ITR earlier than the deadline might trigger you to pay higher TDS, TCS from April 1, 2022, if the full TDS, TCS was Rs 50,000 or extra in FY 2020-21.

It’s not adequate to simply file an ITR. Earlier than March 31, you need to additionally e-verify the identical. Solely as soon as the ITR has been reviewed, will the Earnings Tax Division deem it legitimate. The Central Board of Direct Taxes (CBDT) has granted taxpayers a one-time extension to e-verify ITR, which can not be potential as soon as the deadline has handed.

In accordance with the Earnings Tax web site, “With out verification inside the stipulated time, an ITR is handled as invalid.”

e-verify your ITR:

Login to the Earnings Tax portal.

Head to the e-verify return web page.

Enter your PAN, evaluation yr, acknowledgment quantity and cell quantity.

In accordance with, these are the other ways in which you’ll e-Confirm your returns on-line:

Through the use of OTP on cell quantity registered with Aadhaar.

EVC generated by means of your pre-validated checking account.

EVC generated by means of your pre-validated demat account.

EVC by means of ATM (offline technique).

Web Banking.

Digital Signature Certificates (DSC).

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