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Not filed ITR yet? Face penalty or even jail term, say analysts

Breaching March 31 cut-off date will have assessee receive show-cause notice for undisclosed income

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4 min read Last Updated : Mar 23 2022 | 6:03 AM IST

The deadline for filing late income-tax return (ITR) for 2020-21 (Assessment Year 2021-22) is March 31. The last day for filing ITR for individual taxpayers was December 31, 2021. Due to the Covid-19 pandemic, the due date for filing late return was first revised to February 15 and then to March 31. If you have missed the December 31 deadline, make sure you don’t miss the March deadline.

Deepak Jain, chief executive, TaxManager.in, says, “If an assessee misses this deadline, he/she may receive a show-cause notice for undisclosed income. He/she will also have to pay a penalty and interest and will

Topics : Income tax income tax returns Personal Finance

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