What will happen if the return is not filed by March 31, know the opinion of tax experts

The month of March is very important for taxpayers and investors. Tomorrow is 31st March and with this the financial year is coming to an end. In such a situation, tomorrow is the deadline for many works for the taxpayers. If you have not yet filed the return for the financial year 2020-21, then there is a chance to file a late return till March 31. After that your problem will increase a lot. The Income Tax Department is also appealing to the taxpayers regarding this. Let us know what will happen if the return is not filed on time.

The deadline for filing income tax returns for the assessment year 2021-22 ends on March 31, 2022. Even if the belated return is not filed by March 31, the taxpayers will face a lot of trouble. They can’t file the return on their own mind again.

Publish Date – 5:16 pm, Wed, 30 March 22

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The month of March is very important for taxpayers and investors. Tomorrow is 31st March and with this the financial year is coming to an end. In such a situation, tomorrow is the deadline for many works for the taxpayers. If you have not yet filed the return for the financial year 2020-21, then there is a chance to file a late return till March 31. After that your problem will increase a lot. The Income Tax Department is also appealing to the taxpayers regarding this. Let us know what will happen if the return is not filed on time.

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For the financial year 2020-21, the financial year 2021-22 was the assessment year. Return is filed in the assessment year. There was an opportunity to file the return for the assessment year 2022 till 31st December 2021. After that three months' time was given by the Income Tax Department. This deadline expires on 31 March 2022. Even if the belated return is not filed by March 31, then there will be a lot of trouble.

For the financial year 2020-21, the financial year 2021-22 was the assessment year. Return is filed in the assessment year. There was an opportunity to file the return for the assessment year 2022 till 31st December 2021. After that three months’ time was given by the Income Tax Department. This deadline expires on 31 March 2022. Even if the belated return is not filed by March 31, then there will be a lot of trouble.

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CMA Mukesh Kumar Jha said that if a taxpayer does not file the return by March 31, 2022, then after that he will not get this opportunity. If a notice is issued by the Income Tax Department and the investigation starts, only then the taxpayers will get a chance to file the return.

CMA Mukesh Kumar Jha said that if a taxpayer does not file the return by March 31, 2022, then after that he will not get this opportunity. If a notice is issued by the Income Tax Department and the investigation starts, only then the taxpayers will get a chance to file the return.

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Regarding the investigation, Purva Prakash, partner of Deloitte India, says that the Income Tax Department can issue it under section 142(1) or 148. General notice is issued under section 142(1). This notice is issued by the Assessing Officer. It is issued when a taxpayer does not file a tax return because his total income is less than the tax exemption limit. If the Assessing Officer feels that your income is high and the return has not been filed, then he issues a notice under section 148. In such cases, the penalty can range from 50 per cent to 200 per cent of the total tax.

Regarding the investigation, Purva Prakash, partner of Deloitte India, says that the Income Tax Department can issue it under section 142(1) or 148. General notice is issued under section 142(1). This notice is issued by the Assessing Officer. It is issued when a taxpayer does not file a tax return because his total income is less than the tax exemption limit. If the Assessing Officer feels that your income is high and the return has not been filed, then he issues a notice under section 148. In such cases, the penalty can range from 50 per cent to 200 per cent of the total tax.

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If a taxpayer does not file the return on time, then under section 234A, he is also required to deposit interest of 1% on the outstanding amount. If a taxpayer has a liability of more than 1 lakh, then section 234A becomes applicable. Calculation of penalty will be done from July 31, 2021.

If a taxpayer does not file the return on time, then under section 234A, he is also required to deposit interest of 1% on the outstanding amount. If a taxpayer has a liability of more than 1 lakh, then section 234A becomes applicable. Calculation of penalty will be done from July 31, 2021.


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