MANAGEMENT

Detailed explanation-1: -What is the due date for filing an income tax return? Usually, the due date to file an income tax return is 31st July for individuals and non-audit cases, and 31st October for audit cases of the relevant assessment year. You can seamlessly e-file your income tax return with ClearTax in under 3 minutes.

Detailed explanation-2: -The maximum penalty of Rs 5, 000 will be levied if you file your ITR after the due date of 31st July 2022 but before 31st December 2022. However, there is a relief given to small taxpayers – if their total income does not exceed Rs 5 lakh, the maximum penalty levied for delay will be Rs 1, 000.