Income tax day in india 2022

PIT return due date PIT final payment due date PIT estimated payment due dates (Last reviewed 11 January 2023) 30 April 30 April 20th day of the month following the month when the income was received. (Last reviewed 31 May 2023) 30 April Upon receipt of tax notification. 20 days following the month of income payment. (Last reviewed 22 December 2022) Individuals only deriving employment income are not required to file tax returns, as the employment income tax is withheld at source by their employer. Self-employed individuals should submit their annual tax return until the end of March, which shall discriminate all the income earned during the previous fiscal year. Self-employed individuals should pay the final employment income tax when submitting the annual tax return. Monthly PAYE (Last reviewed 22 February 2023) 10 June (aprox) The day following the tax return filing due date. 10 June (aprox) (Last reviewed 11 January 2023) For monthly income tax returns: 20th day of the month following the reporting period. For annual income tax returns: 20 April For monthly income tax returns: 20th day of the month following the reporting period. For annual income tax returns: 20 April 20th day of the month following the month when the income was received. (Last reviewed 09 December 2022) 31 October As stated on the assessment notice. PAYG on a quarterly basis: 28 October, 28 February, 28 April, and 28 July. (Last reviewed 03 March 2023) Paper form: 30 April of the following year; Elec...

Since the new tax laws in India are made between 1st April and 31st May, but income tax return is required to be filed on or before 31st July, this gave rise to the idea that the income tax day should be observed on the last Saturday of July. This date is also considered as a time when people can get used to their taxes and gives an opportunity for people to learn about the new tax regime. The objective of Income Tax Day is to promote awareness about new tax regime, which was implemented in India on 24 July, 1860. One of the goals for observing this day is to help people become more aware about the importance of tax compliance and improvement in tax planning. Why is it celebrated on 24 July? India has a Aaykar Diwas celebrates the day when the Indian Income Tax Act was enacted in India in July 1860 which introduced a uniform tax system across all the states of India. This was done to avoid revenue disparity among states because of their varying economic structures and structures of industries within specific states. Importance of Income Tax Income tax is the primary instrument to take care of the government’s revenue requirement. The government collects all its revenue from the people and provides various services to them. The collection of this This is because it provides an opportunity for the government to generate and invest money in various projects, which are then spent on developing infrastructure, providing basic amenities and other things that help in the growth o...

The Income Tax department observes July 24 every year as Income Tax Day or ‘Aaykar Diwas’, to commemorate the introduction of provision of income tax in the country. Representative Image History of Income Tax Day On July 24, 1860, Sir James Wilson introduced income tax for the first time in India. Wilson did this to compensate for the losses suffered by the British regime during the first war of independence in 1857. ‘Aaykar Diwas’ was celebrated for the first time on July 24, 2010, to mark 150 years of income tax in India. “Since income tax was first levied as a duty in the year 1860 and the authority to levy that duty came into force on July 24 of that year, it is proposed to celebrate this day as Income Tax Investiture Day,” a finance ministry official said in July 2010. Income Tax Day celebrations In the week preceding the occasion, several activities are undertaken by regional offices of the tax department. Outreach programmes are held across the country to promote tax payment as a value norm, and to sensitise potential taxpayers that paying taxes is an ethical duty of the citizens. Income Tax department Headquartered in New Delhi, the Income Tax department is responsible for direct tax collection for the Government of India. It functions under the Department of Revenue in the Ministry of finance, and is headed by an apex body called the Central Board of Direct Taxes (CBDT).

Income Tax Return (ITR) filing due date 2022 is near. It is important for every taxpayer to file their ITR before the last date. Failing to do so leads to a penalty in the form of a late filing fee. The last date to file ITR this year for most of the taxpayers for FY 2021-22 is 31st July. One should know that there are different ITR due dates or deadlines for different types of taxpayers. Read on to find the Income Tax Return filing due date for different types of taxpayers, where to file the returns and what it costs if someone misses the deadline. ITR filing due date 2022 for individuals, salaried The Income Tax Return filing deadline for individuals and salaried employees whose accounts are not required to be audited is July 31. PAN Card required for deposits over Rs 50,000 in Rs 2000 notes, says RBI ALSO READ | ITR deadline for taxpayers those accounts need to be audited The accounts of some taxpayers need to be audited. Such taxpayers are provided extended time to file their ITRs. The due date of ITR filing for such taxpayers is October 31, 2022 (unless extended by the Government). These taxpayers include a company, a working partner of a firm or individuals and other entities like proprietorship, firm etc. whose accounts are required to be audited. ITR due date for taxpayers who have to report under Section 92E Taxpayers have to submit a report under Section 92E when they have undertaken international transactions during the relevant financial year. The ITR filing de...

Income Tax Return (ITR) filing due date 2022 is near. It is important for every taxpayer to file their ITR before the last date. Failing to do so leads to a penalty in the form of a late filing fee. The last date to file ITR this year for most of the taxpayers for FY 2021-22 is 31st July. One should know that there are different ITR due dates or deadlines for different types of taxpayers. Read on to find the Income Tax Return filing due date for different types of taxpayers, where to file the returns and what it costs if someone misses the deadline. ITR filing due date 2022 for individuals, salaried The Income Tax Return filing deadline for individuals and salaried employees whose accounts are not required to be audited is July 31. PAN Card required for deposits over Rs 50,000 in Rs 2000 notes, says RBI ALSO READ | ITR deadline for taxpayers those accounts need to be audited The accounts of some taxpayers need to be audited. Such taxpayers are provided extended time to file their ITRs. The due date of ITR filing for such taxpayers is October 31, 2022 (unless extended by the Government). These taxpayers include a company, a working partner of a firm or individuals and other entities like proprietorship, firm etc. whose accounts are required to be audited. ITR due date for taxpayers who have to report under Section 92E Taxpayers have to submit a report under Section 92E when they have undertaken international transactions during the relevant financial year. The ITR filing de...

PIT return due date PIT final payment due date PIT estimated payment due dates (Last reviewed 11 January 2023) 30 April 30 April 20th day of the month following the month when the income was received. (Last reviewed 31 May 2023) 30 April Upon receipt of tax notification. 20 days following the month of income payment. (Last reviewed 22 December 2022) Individuals only deriving employment income are not required to file tax returns, as the employment income tax is withheld at source by their employer. Self-employed individuals should submit their annual tax return until the end of March, which shall discriminate all the income earned during the previous fiscal year. Self-employed individuals should pay the final employment income tax when submitting the annual tax return. Monthly PAYE (Last reviewed 22 February 2023) 10 June (aprox) The day following the tax return filing due date. 10 June (aprox) (Last reviewed 11 January 2023) For monthly income tax returns: 20th day of the month following the reporting period. For annual income tax returns: 20 April For monthly income tax returns: 20th day of the month following the reporting period. For annual income tax returns: 20 April 20th day of the month following the month when the income was received. (Last reviewed 09 December 2022) 31 October As stated on the assessment notice. PAYG on a quarterly basis: 28 October, 28 February, 28 April, and 28 July. (Last reviewed 03 March 2023) Paper form: 30 April of the following year; Elec...

The Income Tax department observes July 24 every year as Income Tax Day or ‘Aaykar Diwas’, to commemorate the introduction of provision of income tax in the country. Representative Image History of Income Tax Day On July 24, 1860, Sir James Wilson introduced income tax for the first time in India. Wilson did this to compensate for the losses suffered by the British regime during the first war of independence in 1857. ‘Aaykar Diwas’ was celebrated for the first time on July 24, 2010, to mark 150 years of income tax in India. “Since income tax was first levied as a duty in the year 1860 and the authority to levy that duty came into force on July 24 of that year, it is proposed to celebrate this day as Income Tax Investiture Day,” a finance ministry official said in July 2010. Income Tax Day celebrations In the week preceding the occasion, several activities are undertaken by regional offices of the tax department. Outreach programmes are held across the country to promote tax payment as a value norm, and to sensitise potential taxpayers that paying taxes is an ethical duty of the citizens. Income Tax department Headquartered in New Delhi, the Income Tax department is responsible for direct tax collection for the Government of India. It functions under the Department of Revenue in the Ministry of finance, and is headed by an apex body called the Central Board of Direct Taxes (CBDT).

Since the new tax laws in India are made between 1st April and 31st May, but income tax return is required to be filed on or before 31st July, this gave rise to the idea that the income tax day should be observed on the last Saturday of July. This date is also considered as a time when people can get used to their taxes and gives an opportunity for people to learn about the new tax regime. The objective of Income Tax Day is to promote awareness about new tax regime, which was implemented in India on 24 July, 1860. One of the goals for observing this day is to help people become more aware about the importance of tax compliance and improvement in tax planning. Why is it celebrated on 24 July? India has a Aaykar Diwas celebrates the day when the Indian Income Tax Act was enacted in India in July 1860 which introduced a uniform tax system across all the states of India. This was done to avoid revenue disparity among states because of their varying economic structures and structures of industries within specific states. Importance of Income Tax Income tax is the primary instrument to take care of the government’s revenue requirement. The government collects all its revenue from the people and provides various services to them. The collection of this This is because it provides an opportunity for the government to generate and invest money in various projects, which are then spent on developing infrastructure, providing basic amenities and other things that help in the growth o...