ITR Return: Opportunity to file ITR without penalty till 31st October, take advantage of the opportunity, know how...

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Taxpayers need to file an income tax return every year. For this, the deadline is issued by the government. Within this deadline, the taxpayer has to pay income tax every year. But some people are unable to file ITR within the due date. After that, you can pay tax. But they have to pay the tax along with the fine. This penalty is collected by the ITR. He takes it as a late fee.

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Have to pay a fine
The last date for filing income tax returns for the financial year 2021-22 was 31 July 2022. Taxpayers whose accounts are not required to be audited. They were supposed to file ITR on this date. Those who did not file ITR within the stipulated date i.e. by 31st July. They will have to pay a fine i.e. late fee.

When can I pay the tax
The last date for filing ITR has passed. People whose accounts are to be audited. Talking about the last date for them, it is 31 October. Apart from this, business people whose TP report is necessary can file ITR till 30 November.

Know the Terms and Conditions
Those who have not filed their return till the last date of ITR i.e. 31st July can file their return till 31st December 2022. There will be some conditions for filing this. Such returns are called belated, late, or revised returns. With the help of this facility, you can file returns. But you have to pay some late fee. The benefit of interest and set-off will be forfeited.

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Taxes can be filed by 31st October
Salaried individuals needed to file their income tax returns by July 31, while those for corporates and whose accounts are to be audited. For them, the return can be filed till 31st October of the assessment year. In such a situation, if these people file returns by October 3, then they will not face any penalty.

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