ITR filing: Late fine is imposed on those taxpayers who have income tax liability
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ITR filing: The due date for income tax return (ITR) filing for AY 2021-22 is over and now people have chance to file their ITR within the last date of 31st March 2022, losing some benefits like carry forward of losses, interest on the excess tax paid, etc. Apart from this, the income taxpayer will have to pay a late fee as well. However, it should be noted that not all taxpayers, who failed to file their ITR for AY 2021-22 within the due date will have to pay the late fee. According to tax and investment experts, those taxpayers whose taxable income is less than ₹2.50 lakh need not to pay any late fee even though they failed to file their ITR within the given due date of 31st March 2021.
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