Jun 13, 2022
Fine for missing ITR filing deadline halved
The last date of filing income tax return (ITR) for the financial year 2021-22 is July 31, 2022. Until, FY 2019-20 if a taxpayer missed the ITR filing deadline, the maximum penalty he/she had to shell out was Rs 10, 000. However, with effect from FY 2020-21 (AY 2021-22) i.e., last year, the penalty amount has been reduced by half, i.e., a maximum penalty of up to Rs 5,000.