Income tax return last date 2022-23

Belated Income Tax Return Filing for Assessment Year 2022-23 Latest News: Taxpayers who missed filing their returns by 31 July 2022 can still do so. However, there is a catch! Such taxpayers will have to pay a penalty. There are also some other associated costs of late ITR filing. 31 July 2022 was the last date of ITR filing for AY 2022-23 for taxpayers whose accounts don’t need to be audited. More than 5.8 crore returns were filed by the due date. However, some taxpayers may still have missed filing their returns. They can now file “Taxpayers who have not filed their income tax returns within the due date, i.e. up to 31st July 2022 for the FY 2021-22, can file a belated return. However, there is a timeline for filing the belated return. A belated return for FY 2021-22 can be filed on or before 31st December 2022,” says Archit Gupta, Founder and CEO of Clear (formerly ClearTax). Can you change tax regime while filing Income Tax Return (ITR)? Belated ITR filing Process The process of filing a belated return is almost the same as filing the original return (returns filed before the due date). ALSO READ | Belated returns need to be filed using ITR forms (ITR-1 to ITR -7) notified by the government for FY 2021-22. “The only difference is, under the ‘Part A – General Information’ they have to select the section for belated return, which is ‘139(4)’,” says Gupta. Belated ITR filing consequences Taxpayers filing belated returns will have to bear the below consequences: • Loss und...

Belated Income Tax Return Filing for Assessment Year 2022-23 Latest News: Taxpayers who missed filing their returns by 31 July 2022 can still do so. However, there is a catch! Such taxpayers will have to pay a penalty. There are also some other associated costs of late ITR filing. 31 July 2022 was the last date of ITR filing for AY 2022-23 for taxpayers whose accounts don’t need to be audited. More than 5.8 crore returns were filed by the due date. However, some taxpayers may still have missed filing their returns. They can now file “Taxpayers who have not filed their income tax returns within the due date, i.e. up to 31st July 2022 for the FY 2021-22, can file a belated return. However, there is a timeline for filing the belated return. A belated return for FY 2021-22 can be filed on or before 31st December 2022,” says Archit Gupta, Founder and CEO of Clear (formerly ClearTax). How much money can you deposit in a savings account in a year to stay outside the taxman's radar? Belated ITR filing Process The process of filing a belated return is almost the same as filing the original return (returns filed before the due date). ALSO READ | Belated returns need to be filed using ITR forms (ITR-1 to ITR -7) notified by the government for FY 2021-22. “The only difference is, under the ‘Part A – General Information’ they have to select the section for belated return, which is ‘139(4)’,” says Gupta. Belated ITR filing consequences Taxpayers filing belated returns will have to bear ...