Extension of income tax return ay 2022-23

House Rent Allowance (HRA) is a component received by salaried taxpayers to bear the rental payment of the hired premises. It is allowed as an exemption from taxable salary under Section 10(13A) of the Income-Tax Act, 1961 (the Act) on the satisfaction of several conditions. However, if a taxpayer does not pay rent or live in rented accommodation, the HRA allowance is treated as fully taxable. To file your Income Tax Return (ITR), the first step is to select the appropriate ITR Form, which is determined mainly by the sources of income of a taxpayer. Salaried individuals have the benefits of selecting the simplest ITR Form – ITR-1 or Sahaj, provided such an assessee is not disqualified from selecting the Form. The STCG on debt funds is added to taxable income of an investor and is taxed as per the tax slab of the investor, while that of the equity fund is taxed at a rate of 15 per cent. On the other hand, long-term capital gains on debt funds are taxed at a rate of 20 per cent after indexation, while that of equity funds are taxed at 10 per cent, once the gain amount exceeds Rs 1 lakh in a financial year. With effect from April 1, 2022, senior citizens aged 75 years and above can seek exemption from filing an Income Tax Return (ITR). However, they are not exempted from paying tax. In the Finance Act, 2021, Section 194P was introduced. With this, a senior citizen can file the tax return themselves or would deduct tax on their behalf and deposit it to the Income Tax Departmen...

In fact, the Revenue Secretary has said that the government has no idea at present to extend the date for filing ITR beyond July 31. Let us tell you that the filing of Income Tax Return for the financial year 2021-22 and assessment year 2022-23 has started from June 15, 2022. government told the deadline Actually, like the last two years, this time too the last date for tax filing was expected to be extended, but now the government has made its stand clear. If you have received Form-16 from your office, then fill it without delay. If you do not fill it before the deadline, then you may have to pay a penalty. Apart from this, when more taxpayers file returns on Income Tax E-filing website, the load increases. In such a situation, if you also want to avoid the problems in income tax filing, then do not wait for the last moment. It is noteworthy that the last date for filing income tax returns for the financial year 2021-22 and assessment year 2022-23 without any late fee is July 31, 2022. If you file income tax return after the deadline, then you will have to pay interest on tax along with penalty under section 234A and under section 234F of income tax. Detailed deadline for filing ITR Apart from this, let us tell you that the last date for filing income tax return for personal HUF is July 31, 2022. At the same time, the last date for filing income tax returns for those who require audit is October 31, 2022. And for those who have business and in which TP report is required,...

All Gujarat Federation of Tax Consultants and Income Tax Bar Association requested the Hon’ble Union Minister of Finance Smt. Nirmala Sitharaman, the Revenue Secretary of the Ministry of Finance and the Chairman of the Central Board of Direct Taxes extend the due date for filing Income Tax Return (Non-Audit and Salaried) for AY 2022-23 under section 139(1) of IT Act, 1961 for Non-Audit category of assesses from 31 July 2022 to 31 August 2022. All Gujarat Federation of Tax Consultants and Income Tax Bar Association has given Representation in Respect pf Extension of Due Date for Filing Income Tax Returns (For Non-audit Cases). As per the Representation, the Due date for Filig ITR for F.Y 2021-22 should be extended due to the following reasons. Substantial Increase in the Assessee base • Automated Processing & Reliance upon Auto Populated Data • Detailed Reporting on Income Tax Portal • Technological Hurdles with new Income Tax Portal • Reported Issues with IP Address • Utilities & Schema not released on time Over the years, the reporting requirements and compliances under the Income Tax Act have increased substantially and the dependence on the data populated through third-party compliances like TDS / TCS and multiple types of SFT is increasing. With the increase in the limit of turnover for audit u/s 44AB up to Rs. 10 Cr., the number of assessees, who are required to file the return of Income Tax by 31st July has increased than before. It must be noted that this is not rel...

The Central Board of Direct Taxes (CBDT) has extended the deadline for filing income tax returns (ITRs) for companies and individuals whose accounts are subject to audit. The previous ITR Filing due date was October 31, 2022 for these assessees. Let us understand the latest updates on ITR Filing Due Date further extended for AY 2022-23. Earlier Due Date Extended for Tax Audit Report for AY 2022-23 The Income Tax Department unexpectedly extended the submission date for the Tax Audit Report for Fiscal Year 2022/23. The main rationale for the extended period was the inaccessibility of the Income Tax Portal. Users have reported that the uploading of a single audit report takes them many hours. Due to this, the CBDT had extended the due date for a number of audit reports mandated under the Income-tax Act, 1961 for the Assessment Year 2022-2023. Tweets were used as the means of communication. You can read about this notification at: Latest Updates: CBDT notifies due date extension for ITR Filing for AY 2022-23 The CBDT extended the due date for audit reports last month. That’s why it’s extending the deadline for taxpayers to submit their tax returns. In a notification issued on October 26, 2022, the CBDT mentions, “In consequence to extension of due date for various reports of audit in the case of assessees referred in clause (a) of Explanation 2 to sub-section (I) of section 139 of the Act to 071h October 2022 by Circular No. 19/2022 dated 30.09.2022, Central Board of Direct Ta...

If you have missed filing the income tax return (ITR) for the FY 2021-22 (AY 2022-23) before the last date of July 31, 2022, it can now cost you even if you do not have any taxes to pay. Throughout the month of July, the Income-Tax (I-T) Department urged taxpayers and issued them continuous reminders through various platforms such as emails, SMS, social media, etc. to file their ITRs at the earliest and not wait for the due date. Till FY 2019-20 if a taxpayer missed the ITR filing deadline, the maximum penalty he/she would have had to incur was Rs 10,000. However, with effect from last year i.e., FY 2020-21 and AY 2021-22, the penalty amount has been reduced by half and now a taxpayer filing the belated ITR (after the last date) will have to pay a maximum penalty of up to Rs 5,000. Additionally, if your income is less than the taxable limit then you would not even have to pay the penalty amount if you file your ITR after the deadline subject to certain exceptions. Also Read: Also Read: • What happens if a taxpayer misses the ITR deadline? Since the government made it clear this year that the last date will not be extended, anyone missing the July 31 deadline may file the belated ITR with a late fee of up to Rs 5,000 by December 31, 2022. According to the Income Tax Act's section 234F, filing the ITR after the due date can attract a late fee of Rs 5,000 for people having an annual income of over Rs 5 lakh if they file their ITR by December 31 of the assessment year. This ca...

Income tax Return Filing AY 2022-23 Last Date Highlights: More than 5.8 crore ITRs were filed till July 31 for FY 2021-22. The due date of ITR filing for FY 2021-22 (AY 2022-23) was July 31. Taxpayers who failed to file their returns by the due date would have to pay a 31 July 2022 was the last date to file ITR of AY 2022-23 for salaried employees and Hindu Undivided Families (HUFs) whose accounts don’t need to be audited.Taxpayers who failed to file ITR by 31 July can now According to the Income Tax Department,more than 5 crore ITRs were filed till 30 July. The total ITRs filed number was expected to grow further on the due date i.e. yesterday. The Government denied any extension of the ITR filing due date. With so many ITRs already filed, it was certain that the Government won’t extend due dates. However, some taxpayers and professionals were still hoping for a last-minute surprise. “If you miss filing your returns, you will have to not only pay the penalty of up to Rs 5,000 (up to Rs 1,000 for taxpayers with income below Rs 5 lakh), but also face other tax implications,” says Archit Gupta, CEO of Clear (formerly Cleartax). “You will not be able to carry forward losses (other than house property loss), if any, incurred during the year. Also, you need to pay interest at 1% per month or part thereof on the outstanding tax liability,” he adds. “It is essential to understand that the income tax return filing procedure is simple only in a few circumstances, say if you have on...

In fact, the Revenue Secretary has said that the government has no idea at present to extend the date for filing ITR beyond July 31. Let us tell you that the filing of Income Tax Return for the financial year 2021-22 and assessment year 2022-23 has started from June 15, 2022. government told the deadline Actually, like the last two years, this time too the last date for tax filing was expected to be extended, but now the government has made its stand clear. If you have received Form-16 from your office, then fill it without delay. If you do not fill it before the deadline, then you may have to pay a penalty. Apart from this, when more taxpayers file returns on Income Tax E-filing website, the load increases. In such a situation, if you also want to avoid the problems in income tax filing, then do not wait for the last moment. It is noteworthy that the last date for filing income tax returns for the financial year 2021-22 and assessment year 2022-23 without any late fee is July 31, 2022. If you file income tax return after the deadline, then you will have to pay interest on tax along with penalty under section 234A and under section 234F of income tax. Detailed deadline for filing ITR Apart from this, let us tell you that the last date for filing income tax return for personal HUF is July 31, 2022. At the same time, the last date for filing income tax returns for those who require audit is October 31, 2022. And for those who have business and in which TP report is required,...

The Central Board of Direct Taxes (CBDT) has extended the deadline for filing income tax returns (ITRs) for companies and individuals whose accounts are subject to audit. The previous ITR Filing due date was October 31, 2022 for these assessees. Let us understand the latest updates on ITR Filing Due Date further extended for AY 2022-23. Earlier Due Date Extended for Tax Audit Report for AY 2022-23 The Income Tax Department unexpectedly extended the submission date for the Tax Audit Report for Fiscal Year 2022/23. The main rationale for the extended period was the inaccessibility of the Income Tax Portal. Users have reported that the uploading of a single audit report takes them many hours. Due to this, the CBDT had extended the due date for a number of audit reports mandated under the Income-tax Act, 1961 for the Assessment Year 2022-2023. Tweets were used as the means of communication. You can read about this notification at: Latest Updates: CBDT notifies due date extension for ITR Filing for AY 2022-23 The CBDT extended the due date for audit reports last month. That’s why it’s extending the deadline for taxpayers to submit their tax returns. In a notification issued on October 26, 2022, the CBDT mentions, “In consequence to extension of due date for various reports of audit in the case of assessees referred in clause (a) of Explanation 2 to sub-section (I) of section 139 of the Act to 071h October 2022 by Circular No. 19/2022 dated 30.09.2022, Central Board of Direct Ta...

If you have missed filing the income tax return (ITR) for the FY 2021-22 (AY 2022-23) before the last date of July 31, 2022, it can now cost you even if you do not have any taxes to pay. Throughout the month of July, the Income-Tax (I-T) Department urged taxpayers and issued them continuous reminders through various platforms such as emails, SMS, social media, etc. to file their ITRs at the earliest and not wait for the due date. Till FY 2019-20 if a taxpayer missed the ITR filing deadline, the maximum penalty he/she would have had to incur was Rs 10,000. However, with effect from last year i.e., FY 2020-21 and AY 2021-22, the penalty amount has been reduced by half and now a taxpayer filing the belated ITR (after the last date) will have to pay a maximum penalty of up to Rs 5,000. Additionally, if your income is less than the taxable limit then you would not even have to pay the penalty amount if you file your ITR after the deadline subject to certain exceptions. Also Read: Also Read: • What happens if a taxpayer misses the ITR deadline? Since the government made it clear this year that the last date will not be extended, anyone missing the July 31 deadline may file the belated ITR with a late fee of up to Rs 5,000 by December 31, 2022. According to the Income Tax Act's section 234F, filing the ITR after the due date can attract a late fee of Rs 5,000 for people having an annual income of over Rs 5 lakh if they file their ITR by December 31 of the assessment year. This ca...

All Gujarat Federation of Tax Consultants and Income Tax Bar Association requested the Hon’ble Union Minister of Finance Smt. Nirmala Sitharaman, the Revenue Secretary of the Ministry of Finance and the Chairman of the Central Board of Direct Taxes extend the due date for filing Income Tax Return (Non-Audit and Salaried) for AY 2022-23 under section 139(1) of IT Act, 1961 for Non-Audit category of assesses from 31 July 2022 to 31 August 2022. All Gujarat Federation of Tax Consultants and Income Tax Bar Association has given Representation in Respect pf Extension of Due Date for Filing Income Tax Returns (For Non-audit Cases). As per the Representation, the Due date for Filig ITR for F.Y 2021-22 should be extended due to the following reasons. Substantial Increase in the Assessee base • Automated Processing & Reliance upon Auto Populated Data • Detailed Reporting on Income Tax Portal • Technological Hurdles with new Income Tax Portal • Reported Issues with IP Address • Utilities & Schema not released on time Over the years, the reporting requirements and compliances under the Income Tax Act have increased substantially and the dependence on the data populated through third-party compliances like TDS / TCS and multiple types of SFT is increasing. With the increase in the limit of turnover for audit u/s 44AB up to Rs. 10 Cr., the number of assessees, who are required to file the return of Income Tax by 31st July has increased than before. It must be noted that this is not rel...