It’s the deadline to file your tax return.
On March 31, 2022, the current fiscal year 2021-22 ends. If you are a taxpayer, March 31 is very important to you.
It serves to remind taxpayers that their income tax return, or ITR, is due and that this is the deadline for filing the ITR.
The deadline was originally set for July 31, 2021, but has been extended due to COVID-19. It was first postponed 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 tax department may impose a penalty and require the payment of interest.
This is your last chance to file your late ITR.
The deadline to file an ITR for AY 2021-22 is March 31, 2022.
Let’s not wait for the last day.#FileNow
Please visit: https://t.co/GYvO3n9wMf#ITRpic.twitter.com/3L1utbBmEm
— Income Tax India (@IncomeTaxIndia) March 29, 2022
If you are a salaried taxpayer who has not yet submitted your ITR for the 2020-21 financial year, you will most certainly be liable to a penalty of Rs 5,000 under Section 234F of the Tax Act on income. If your total income is less than Rs 5 lakh, however, you have to pay Rs 1,000. The rule applies to all taxpayers, and even if you file for a non-taxable amount, you have to pay the penalty.
In addition, a penalty of up to 50% of the tax payable could be billed to you. In extreme cases, you risk a three-year prison sentence. Failure to file an ITR before the deadline may result in you having to pay a higher TDS, TCS from 1 April 2022, if the total TDS, TCS was Rs 50,000 or more during the financial year 2020-21 .
Simply filing an ITR is not enough. Before March 31, you must also complete an electronic verification. Only after the ITR has been reviewed will the Department of Income Tax deem it valid. The Central Commission for Direct Taxation (CBDT) has granted taxpayers a one-time extension for e-verify ITR, which will no longer be possible once the deadline has passed.
According to income tax website“Without verification within the time limit, an ITR is considered invalid.”
How to electronically verify your ITR:
Login to Income tax portal.
Head to e-verify return page.
Enter your PAN, assessment year, acknowledgment number, and cell phone number.
According to revenuetax.gov.inHere are the different ways you can e-check your returns online:
By using OTP on the phone number registered with Aadhaar.
EVC generated via your pre-validated bank account.
EVC generated via your pre-validated demat account.
EVC over ATM (offline method).
Digital Signature Certificate (DSC).