The last RTI filing date for employees was July 31, after which they will be fined
No fewer than 67,97,067 income tax (IT) returns were filed up to 11 p.m. on Sunday (July 31), the last filing date for IT returns for employees for the 2022-23 tax year (fiscal year). 2021-22).
The IT department tweeted that up to 4,50,013 IT statements had been filed in the last hour itself.
Over 5.10 crore ITR have been deposited till July 30th.
Unlike earlier, the government has not extended the deadline for filing ITRs, which means violators will now have to pay a fine while filing their returns after the prescribed deadline.
Companies and companies that are required to show the audit of their accounts can, however, file their IT declarations before October 31, 2022.
What will happen to defaulting employees?
Employees who have not yet filed their ITR will be authorized to file it under “late RTI” for the 2021-22 financial year, but with a fine imposed under article 234F of the IT law.
The last filing date of “Late ITR” is December 31, 2022. Defaulters will have to pay a penalty of ₹5,000 if their annual income is more than ₹5 lakh, and a penalty of ₹1,000 if the annual income is lower at ₹5 lakh.
Penalty rules have changed for the current fiscal year. Earlier, if the ITR was filed after the due date but before the AY’s December 31, a penalty of ₹5,000 was imposed. A penalty of ₹10,000 was imposed if the ITR was reported after December 31, but before March 31 of the AY.
However, the deadline for filing a late ITR has been extended to December 31 for the 2021-22 fiscal year.
Under Section 234A of the Computer Act, a person who does not file the ITR by the due date and has an amount of tax that has not yet been paid will be charged interest on the amount of unpaid tax at ₹ 1 percent per month from the due date. said due date.
Additionally, if a person with taxable income does not file an ITR or has under-reported their income in the ITR, they will be asked to pay 50% of the total tax payable on the income on which no declaration has been made. been submitted, the IT department said.