Taxpayers Note, The Last Date To File Your Income Tax Return Is March 31. Don't Miss The Deadline
On March 31, 2022, the current financial year 2021-22 comes to a close. If you are a taxpayer, March 31 is very important for you.
It serves as a reminder to taxpayers that their Income Tax Return, or ITR, is due and that it's the last date for filing the ITR.
The deadline was originally set for July 31, 2021, but it was extended due to COVID-19. It was first pushed back to December 31, 2021, then to February 15, 2022, and finally to March 15, 2022.
It is not advisable to miss the deadline for filing an ITR since the income tax department may impose a penalty and demand payment of interest.
If you are a salaried taxpayer who has not yet submitted your ITR for the 2020-21 fiscal, you will very certainly be subject to a penalty of Rs 5,000 under Section 234F of the Income Tax Act. If your entire income is less than Rs 5 lakh, however, you must pay Rs 1,000. The rule applies to all taxpayers, and even if you are filing for a non-taxable amount, you must pay the penalty.
In addition, you could be charged a penalty of up to 50 percent of the tax payable. In extreme cases, you could face a three-year prison sentence. Failure to file ITR before the deadline may cause you to pay greater TDS, TCS from April 1, 2022, if the total TDS, TCS was Rs 50,000 or more in FY 2020-21.
It is not sufficient to just file an ITR. Before March 31, you must also e-verify the same. Only once the ITR has been reviewed, will the Income Tax Department deem it valid. The Central Board of Direct Taxes (CBDT) has granted taxpayers a one-time extension to e-verify ITR, which will no longer be possible once the deadline has passed.
According to the Income Tax website, “Without verification within the stipulated time, an ITR is treated as invalid.”
How to e-verify your ITR:
Login to the Income Tax portal.
Head to the e-verify return page.
Enter your PAN, assessment year, acknowledgment number and mobile number.
According to incometax.gov.in, these are the different ways in which you can e-Verify your returns online:
By using OTP on mobile number registered with Aadhaar.
EVC generated through your pre-validated bank account.
EVC generated through your pre-validated demat account.
EVC through ATM (offline method).
Net Banking.
Digital Signature Certificate (DSC).
