ITR 2021-22: Penalties you may have to pay if you miss July 31 deadline

If the income is above Rs 2.5 lakh per annum, you are required to file the ITR to avoid penalties. There are several penalties that are applicable if one fails to file the ITR before the last date

If your income is above Rs 2.5 lakh per annum, you have to file an Income Tax Return. There are penalties if one fails to file the ITR before the last date, July 31.

The deadline applies to people who do not have gotten their tax accounts audited. If your income is below Rs 2.5 lakh per annum, you must still file the ITR for financial planning. These include holding a foreign asset or earning foreign income, paying an electricity bill of over Rs 1 lakh in the previous year, depositing over Rs 1 crore in the bank, and paying