ITR Filing: Late Fee to Jail Term – If You Miss the Due Date

monetary penalty for missing ITR Filing fixed date

Speaking on the monetary penalty being levied on taxpayers who file ITR after the due date, Balwant Jain, a Mumbai-based tax and investment expert said, “If an earner misses to file ITR within the given date, then he is able to file his ITR on payment of late fee. The late fee will be 5,000 if annual taxable income is 5 lakh or more while late fee will be 1,000 if the taxable income is less 5 lakh.” He added that the above late fee would be applicable when the taxpayer files ITR after the due date of 31st July 2022 but before the last date of 31st December 2022.

“If an earner defaults on filing ITR after the last date of December 31, 2022, the Income Tax Department may impose a penalty of 50 per cent to 200 per cent on the actual income tax expenditure of the taxpayer, in addition to the tax and interest liability. The taxpayer files his ITR in response to the Income Tax notice from the department,” said Balwant Jain.

you can even go to jail

The Mumbai-based tax expert further said that the Government of India has the power to prosecute the earning person who has missed the filing of ITR for AY2022-23 by the given last date i.e. 31st December 2022.

“current income tax rules There is a provision of imprisonment of not less than 6 months and imprisonment for a maximum of 7 years. It is not that the department can prosecute you in every case of failure to file ITR. Income Tax Department can prosecute only if the amount of tax evaded is sought 10,000,” said Balwant Jain.

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