Income Tax returns: Centre mulling extension of December 31 deadline by 10 days?
Till a final announcement is made in this regard, the last date for filing the Income Tax returns remains December 31.
FollowThe central government may move ahead the deadline to file tax returns following demands for an extension, sources told a television channel on Monday. According to CNBC-TV18, the government is mulling extending the tax return deadline by a week to 10 days. Till a final announcement is made in this regard, the last date for filing the Income Tax returns remains December 31.
The Central Board of Direct Taxes of the Finance Ministry had received multiple representations from Chartered Accountant associations and taxpayers seeking the extension of the December 31 deadline to file tax returns; assessing the need for extension, sources told the channel, adding that these representations are being assessed.
The representations received by the CBDT reportedly highlight glitches with the tax filing portal, which include malfunctioning of the digital signature validation, delay in the OTP generation to e-verify returns and AIS statement reconciliation.
For now, the deadline for tax return filing remains December 31, failing which an individual may not be able to carry forward any losses for the current year. The individual can still do so by March 31, 2022, but the person will have to mandatorily pay a flat late fee of Rs 5000 if taxable income is above five lakh rupees and Rs 1,000 if the taxable income is below five lakh rupees.
Besides, the government has the power to prosecution an individual with a jail term if the income tax return is not filed within the due date. According to income tax laws, the punishment for not filing returns includes three to five years of imprisonment. To clarify, the income tax department need not launch proceedings against an individual every time a person fails to file a tax return. Action can only be initiated if the amount of tax sought to be avoided goes beyond Rs 10,000.
Also Read:Â Fact-check: Missionaries of Charity requested SBI to freeze bank accounts, says MHA
Also Read:Â Health Ministry issues guidelines for COVID vaccination of children 15-18 years, 60+ with comorbidities
