Income tax return: Missing ITR filing last date may land you in jail

The due date for income tax return (ITR) filing for the financial year 2021-22 or for the assessment year 2022-23 is fast approaching as ITR filing due date is 31st July 2022. 

In case a taxpayer misses to file its income tax return by the given due date, he or she will be able to file its ITR for FY22 or AY23 with a late fee up to ₹5,000. 

In case, one's taxable income is less than ₹5 lakh, in that case the late fee would come down to ₹1,000." 

"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 

The present income tax rules prescribe a minimum sentence of 6 months 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 ₹10,000 

It is not that the department can launch prosecution against you in each and every instance of failure to file the ITR. 

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.