Itr filing last date 2022

Premium Explained: ITR filing deadline is over, this is what you need to know if you did not file your return by July 31 You still have until December 31, 2022 to file ‘belated’ ITRs for FY 2021-22, along with a penalty of Rs 5,000 if your total annual income is more than Rs 5 lakh. If it is less than 5 lakh, the penalty will be Rs 1,000. Sunday (July 31) was the last day for filing income tax returns (ITRs) for AY 2022-23 (FY 2021-22) for salaried individuals. Unlike in some previous years, the government did not extend the deadline, and the Income Tax Department issued a set of Frequently Asked Questions (FAQs) on issues pertaining to the filing of ITRs. Salaried individuals were required to file their income tax returns by July 31. Corporates or those who are required to audit their books of accounts can file their returns by October 31, 2022. Also Read | As many as 63,47,054 tax returns had been filed up to 10 pm on Sunday, the IT Department posted on Twitter. It also put out its email address, [email protected], and helpdesk numbers, 1800 103 0025 and 1800 419 0025, to provide assistance to taxpayers for the resolution of queries and issues in filing of the returns. What will happen if you failed to comply with the deadline for filing your ITR? If the return of income was not filed by the due date — July 31, 2022 for salaried individuals for FY 2021-22 — a penalty will be levied under Section 234F of the IT Act. The last date for filing ‘belated’ ITRs for FY 20...

According to tax and investment experts, if an earning individual has an annual income below threshold limit and TDS has been deducted from their paymaster, then in that case they need to file ITR and get their money through ITR refund. Similarly, if a person has annual income below the threshold limit but he or she has invested in mutual funds, equities, bank fixed deposits, etc., then net income of the person would include income from all sources and if it exceeds threshold limit, then in that case the earning individual needs to file income tax return. Income tax return filing for salaried individuals Advising earning individuals to calculate all sources of income, Mumbai-based tax expert Balwant Jain said, "It may happen that due to various deductions and rebates, you may not have any tax liability but you may still have to file your ITR if the sum of all taxable income exceeds the threshold prescribed. For example, if your income is below 5 lakhs and does not include any long-term capital gains on listed shares and Balwant Jain went on to add that the income to be considered for this purpose is the income before various deductions available under Chapter VIA, which comprises mainly Section 80C, 80 CCD, 80D, 80 G, 80TTA, 80 TTB etc. These deductions relate mainly to "The threshold of basic exemption is 2.50 lakhs for those below 60 years. It is 3 lakhs and 5 lakhs respectively for those resident individuals between 60 and 80 and those over 80 years. It may happen that ...

Every assessee who has filed his/her ITR is entitled to revise it under section 139(5) to provide correct information to the tax department. Even those who file belated ITR, i.e., ITR is filed after expiry of the deadline, can file a revised return. The last date to file a revised ITR for FY 2021-22 is December 31, 2022. But it must not be the cause of worry as the income tax laws allow an individual to rectify such errors. Section 139(5) of the Income-tax Act, 1961 allows taxpayers to rectify their mistakes by filing a revised income tax return. According to the section, if an individual after filing their tax return discovers any omission or wrong statement, then he/she can furnish a revised return. The Centre had made an announcement in the Union Budget 2021 that it has reduced the time to file revised ITR by three months. Till FY 2019-20, an individual was allowed to file ITR till March 31 of the relevant assessment year. However, from FY 2020-21, the last date for filing a revised ITR has been December 31 of the relevant assessment year. So, the last date to file a revised ITR for FY 2021-22 (AY 2022-23) is December 31, 2022. It is just the same as filing an original ITR only the taxpayer will have to file it under section 139(5) of the Income-tax Act. They will have to opt for the option ' Revised u/s 139(5)' in the 'return filed under' column. The ITR form will additionally ask you for details of the original ITR, i.e., receipt number and date of filing of original ...

Premium Explained: ITR filing deadline is over, this is what you need to know if you did not file your return by July 31 You still have until December 31, 2022 to file ‘belated’ ITRs for FY 2021-22, along with a penalty of Rs 5,000 if your total annual income is more than Rs 5 lakh. If it is less than 5 lakh, the penalty will be Rs 1,000. Sunday (July 31) was the last day for filing income tax returns (ITRs) for AY 2022-23 (FY 2021-22) for salaried individuals. Unlike in some previous years, the government did not extend the deadline, and the Income Tax Department issued a set of Frequently Asked Questions (FAQs) on issues pertaining to the filing of ITRs. Salaried individuals were required to file their income tax returns by July 31. Corporates or those who are required to audit their books of accounts can file their returns by October 31, 2022. Also Read | As many as 63,47,054 tax returns had been filed up to 10 pm on Sunday, the IT Department posted on Twitter. It also put out its email address, [email protected], and helpdesk numbers, 1800 103 0025 and 1800 419 0025, to provide assistance to taxpayers for the resolution of queries and issues in filing of the returns. What will happen if you failed to comply with the deadline for filing your ITR? If the return of income was not filed by the due date — July 31, 2022 for salaried individuals for FY 2021-22 — a penalty will be levied under Section 234F of the IT Act. The last date for filing ‘belated’ ITRs for FY 20...

Every assessee who has filed his/her ITR is entitled to revise it under section 139(5) to provide correct information to the tax department. Even those who file belated ITR, i.e., ITR is filed after expiry of the deadline, can file a revised return. The last date to file a revised ITR for FY 2021-22 is December 31, 2022. But it must not be the cause of worry as the income tax laws allow an individual to rectify such errors. Section 139(5) of the Income-tax Act, 1961 allows taxpayers to rectify their mistakes by filing a revised income tax return. According to the section, if an individual after filing their tax return discovers any omission or wrong statement, then he/she can furnish a revised return. The Centre had made an announcement in the Union Budget 2021 that it has reduced the time to file revised ITR by three months. Till FY 2019-20, an individual was allowed to file ITR till March 31 of the relevant assessment year. However, from FY 2020-21, the last date for filing a revised ITR has been December 31 of the relevant assessment year. So, the last date to file a revised ITR for FY 2021-22 (AY 2022-23) is December 31, 2022. It is just the same as filing an original ITR only the taxpayer will have to file it under section 139(5) of the Income-tax Act. They will have to opt for the option ' Revised u/s 139(5)' in the 'return filed under' column. The ITR form will additionally ask you for details of the original ITR, i.e., receipt number and date of filing of original ...

Every assessee who has filed his/her ITR is entitled to revise it under section 139(5) to provide correct information to the tax department. Even those who file belated ITR, i.e., ITR is filed after expiry of the deadline, can file a revised return. The last date to file a revised ITR for FY 2021-22 is December 31, 2022. But it must not be the cause of worry as the income tax laws allow an individual to rectify such errors. Section 139(5) of the Income-tax Act, 1961 allows taxpayers to rectify their mistakes by filing a revised income tax return. According to the section, if an individual after filing their tax return discovers any omission or wrong statement, then he/she can furnish a revised return. The Centre had made an announcement in the Union Budget 2021 that it has reduced the time to file revised ITR by three months. Till FY 2019-20, an individual was allowed to file ITR till March 31 of the relevant assessment year. However, from FY 2020-21, the last date for filing a revised ITR has been December 31 of the relevant assessment year. So, the last date to file a revised ITR for FY 2021-22 (AY 2022-23) is December 31, 2022. It is just the same as filing an original ITR only the taxpayer will have to file it under section 139(5) of the Income-tax Act. They will have to opt for the option ' Revised u/s 139(5)' in the 'return filed under' column. The ITR form will additionally ask you for details of the original ITR, i.e., receipt number and date of filing of original ...

According to tax and investment experts, if an earning individual has an annual income below threshold limit and TDS has been deducted from their paymaster, then in that case they need to file ITR and get their money through ITR refund. Similarly, if a person has annual income below the threshold limit but he or she has invested in mutual funds, equities, bank fixed deposits, etc., then net income of the person would include income from all sources and if it exceeds threshold limit, then in that case the earning individual needs to file income tax return. Income tax return filing for salaried individuals Advising earning individuals to calculate all sources of income, Mumbai-based tax expert Balwant Jain said, "It may happen that due to various deductions and rebates, you may not have any tax liability but you may still have to file your ITR if the sum of all taxable income exceeds the threshold prescribed. For example, if your income is below 5 lakhs and does not include any long-term capital gains on listed shares and Balwant Jain went on to add that the income to be considered for this purpose is the income before various deductions available under Chapter VIA, which comprises mainly Section 80C, 80 CCD, 80D, 80 G, 80TTA, 80 TTB etc. These deductions relate mainly to "The threshold of basic exemption is 2.50 lakhs for those below 60 years. It is 3 lakhs and 5 lakhs respectively for those resident individuals between 60 and 80 and those over 80 years. It may happen that ...

Premium Explained: ITR filing deadline is over, this is what you need to know if you did not file your return by July 31 You still have until December 31, 2022 to file ‘belated’ ITRs for FY 2021-22, along with a penalty of Rs 5,000 if your total annual income is more than Rs 5 lakh. If it is less than 5 lakh, the penalty will be Rs 1,000. Sunday (July 31) was the last day for filing income tax returns (ITRs) for AY 2022-23 (FY 2021-22) for salaried individuals. Unlike in some previous years, the government did not extend the deadline, and the Income Tax Department issued a set of Frequently Asked Questions (FAQs) on issues pertaining to the filing of ITRs. Salaried individuals were required to file their income tax returns by July 31. Corporates or those who are required to audit their books of accounts can file their returns by October 31, 2022. Also Read | As many as 63,47,054 tax returns had been filed up to 10 pm on Sunday, the IT Department posted on Twitter. It also put out its email address, [email protected], and helpdesk numbers, 1800 103 0025 and 1800 419 0025, to provide assistance to taxpayers for the resolution of queries and issues in filing of the returns. What will happen if you failed to comply with the deadline for filing your ITR? If the return of income was not filed by the due date — July 31, 2022 for salaried individuals for FY 2021-22 — a penalty will be levied under Section 234F of the IT Act. The last date for filing ‘belated’ ITRs for FY 20...