Return for Financial Year 2021-22 (Assessment year 2022-23).

Dear All

Gentle reminder to file your Income-Tax Return for Financial Year 2021-22 (Assessment year 2022-23).

Last date for filing is 31st July 2022 (unlikely to be extended).

As per Section 139(1) of the Income-Tax Act  1961,

Any person other than a Company or Firm is mandatorily required to file IT Return if the Taxable Income (after all exemtions & deductions) exceeds the maximum amount not chargeable to tax (ie if it exceeds Rs 2,50,000/-). Even if TDS is made & there is 'Nil' tax liability, you are required to file IT Return.

As per Section 234F of the IT Ac, Late fee for delayed filing of Return is payable as under:-

a) Rs.1,000/- when the total income does not exceed Rs. 5 Lakhs;

b) Rs.5,000/- in other cases.

Besides this, for any tax liability remaining unpaid by 31st March, 2022 (For Fy 2021-22), mandatory Interest u/s 234A, 234B & 234C will have to be paid & also the Taxpayer is liable to penalty.

So, those who have not filed IT return for Fy 2021-22, please file it AT ONCE. The last few days, the portal may be slow/hang because of heavy traffic/volume & Return filing may be hampered. 

If there is any tax liability, please pay through Net Banking as there are some issues with Debit Card payments.

Regards.

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