Last date for income tax return or ITR filing for the financial year 2021-22 or for the assessment year 2022-23 is fast approaching as ITR filing last date is 31st July 2022. Those earning individuals who missed to file their ITR by the given due date of31st July 2022, they can still file their income tax return by the given ITR last date of31st July 2022. Income Tax Return: may land you in jail if you fail before the deadline.
However, ITR filing after the due date will attract a penalty depending upon the income tax slab they fall in. However, if a taxpayer, who has income tax liability, fails to file its ITR by the given last date, he or she may have to land in jail for such income tax return violation and the jail sentence can be to the tune of minimum 3 years and maximum 7 years.
Speaking on the income tax return last date; Mumbai-based tax and investment experts said, “Failing to file ITR by given last date, the income tax department may levy penalty of 50 per cent to 200 per cent on taxpayer’s actual income tax outgo, in addition to the tax and interest liability till the date a taxpayer files its ITR in response to the income tax notice from the department,” adding, “The Government of India (GoI) has powers to launch prosecution against the taxpayer who has failed to file ITR by last date despite having income tax liability.”
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“The present income tax rules prescribe a minimum sentence of 3 years of imprisonment and a maximum sentence of 7 years of imprisonment. It is not that the department can launch prosecution against you in each and every instance of failure to file the ITR. The income department can launch prosecution only in case the amount of tax sought to be avoided exceeds Rs 10,000.”
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