ITR filing: Late fee to jail term – If you miss due date
Income tax return (ITR) filing for AY 2022-23: The due date for income tax return (ITR) filing is 31st July 2022, which means taxpayers have just few hours in hand to file their ITR. The income tax department has been requesting earning individuals to fuel their I-T return within the given due date and avoid late fee or penalty. However, for information to the taxpayers, on missing the ITR filing due date, earning individuals will have to pay up to ₹5,000 late fee whereas they may be prosecuted for 6 months to 7 year jail term as well. Apart from this, they won’t be able to carry forward or set off losses against the profit or income of the year.
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