Have to pay penalty

ITR taxpayers of FY 2022-23 and Assessment Year 2023-24 can file even after July 31, but in such a situation they will have to pay penalty. This penalty depends on the income of the taxpayer. According to income tax rules, if your annual income is less than Rs 5 lakh, then you will have to pay a penalty of Rs 1,000 for filing ITR after July 31. On the other hand, if you file ITR on income of more than Rs 5 lakh, you will have to pay a penalty of Rs 5,000.

May be with penalty

It is worth noting that those people who are liable to pay tax are required to file ITR. In case of not doing so, the Income Tax Department can also take legal action against you. For tax evasion, you can be jailed for three months to two years along with income tax notice. It is worth noting that if a taxpayer evades tax of more than Rs 25 lakh, then he can be imprisoned for up to 7 years.

Must do e-verification after filing return

Significantly, after filing ITR on the Income Tax website, it is also necessary to do e-verification. Without e-verification, your ITR cannot be considered complete. For this, the Income Tax Department gives 120 days to taxpayers, in which you can easily do e-verification through your Aadhaar. To do e-verification, first you login to the e-portal of the IT department.

Here you will see the option of e-verify Return, click on it. Next enter the PAN number, assessment year and enter the mobile number. After this enter the 6 number OTP received on your mobile and submit it. If you are doing e-verification within 30 to 120 days of filing ITR, then give the reason behind it. After this your e-verification will be completed. It is worth noting that without e-verification, your ITR filing is not considered complete.

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The last date for filing ITR for the financial year 2022-23 is very near. According to the Income Tax Department, a citizen whose annual income is more than 3 lakhs must file ITR. The last date for filing income tax return has been fixed as 31 July 2023. If you fail to file ITR, then you will have to pay penalty, as well as you may have to face income tax notice.

Penalty on delay in filing ITR

According to the Income Tax Department, if you do not do this work before July 31, the last date for filing ITR, then penalty or fine will have to be paid. As per the rules, the late ITR filing fee is Rs 1,000 for small taxpayers ie those earning up to Rs 3 lakh. On the other hand, those whose income exceeds Rs 5 lakh may have to pay a penalty of Rs 5,000. Let us tell you that till 2021, Rs 10,000 had to be paid as late penalty, but it has been reduced under the new rules.

Documents required to file ITR

• If you are salaried then you got form 16 from office
• Form 26AS
• If there is FD in the bank or dividend is received then its documents
• Documents of mutual funds, property, shares and gold
• If there is property abroad, then its documents

How to file ITR online

1. Log on to the official website of Income Tax at incometax.gov.in.
2. After that click on view return or form.
3. View e-filed tax returns.
4. After this, select Assessment Year, ITR Form Number, Filing Type Original/Revised Return on the page.
5. After that click on continue and enter the requested information.
6. Tax paid and verification page will open, on this you have to choose the option accordingly.
7. After that preview and submit the form after checking it properly.

Note- In case of any problem in ITR filing, take help from the information available in the user manual given on the website of the Income Tax Department.

The post ITR Late Penalty: Income Tax Return File Online Before Last Date July 31, check ITR late fees charges & more first appeared on Rightsofemployees.com.