Last date for filing income tax return for ay 2022-23

The last day tofile an The IRS will charge interest under Section 234A and a penalty under Section 234F to taxpayers who file their returns after the deadline. What are the Financial Year (FY) and the Assessment Year (AY)? The return you are now filling is for the tax year 2022–2023 (FY 2022–2023), which covers the period from 1 stApril 2022 to 31 stMarch 2023. The assessment year is the time period during which you file your returns and declare your investments for tax assessment for the fiscal year (2022–2023). The assessment year for the income received during the FY (in this case, FY 2022-23)would be the year after that, from 1 stApril 2023 to 31 stMarch 2024. AY 2023–24would be the assessment year as a result. Tax filing deadlines for fiscal years 2022-23 (AY 2023-24) Taxpayer Category Tax Filing Deadline-FY 2022-23 *(unless extended) Individual/HUF/AOP/BOI (audited books of accounts are not necessary) 31stJuly 2023 Businesses (Audit Required) 31stOctober 2023 Businesses that require transfer price reports (for international/specified domestic transactions) 30thNovember 2023 Return Revised 31stDecember 2023 Belated/late return 31stDecember 2023 What happens if you don't file your ITR before the deadline? Interest:If you file your return after the due date, you must pay interest on the unpaid tax amount at 1% each month or part month under Section 234A. Late charge:A late cost of Rs.5,000 is required under Section 234F. If the total income is less than Rs.5 lakh, it wi...

ITR AY 2022-23: Last date approaching; check how to file your income tax return You can e-verify your ITR immediately or within 120 days of filing using the methods listed on the website. The e-verification can be done through Aadhaar OTP, pre-validated bank account, pre-validated demat account or EVC generated through bank ATM The Income Tax Department has notified taxpayers that the option to file Income Tax Return for the current assessment year (AY) 2022-23 is available on the department’s website. The last date to file the ITR is 31 July. Taxpayers can visit the website incometax.gov.in/iec/foportal to file their returns. “ITR filing for AY 2022-23 is available on e-filing portal. Check your Form 26AS, AIS & other relevant documents before submission,” the I-T department tweeted yesterday, 22 June. View the tweet here. https://twitter.com/IncomeTaxIndia/status/1539556670426099712 How To File I-T Return Online? Step-by-step guide below: • Visit the website incometax.gov.in/iec/foportal. • Login using your PAN card number. • Click on ‘e-file’ and choose 2022-23 as 'Assessment year'. • Select ITR -1 or ITR-4 depending on your annual income, status and other details. • Select your reason for filing the return and validate your pre-filled information. • Update your ITR details by uploading the relevant documents. • Confirm your details and click on verify and submit. This takes a few minutes. • Select the appropriate verification option under the 'Taxes Paid and Verificati...

The Central Board of Direct Taxes (CBDT) has extended the due date for filing The CBDT had last month extended the deadline for filing audit reports. Hence, it has now extended the due date for filing income tax returns. In a notification issued on October 26, 2022, the apex body said, "In consequence of the 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 7th October 2022 by Circular No. 19/2022 dated 30.09.2022, Central Board of Direct Taxes (CBDT), in the exercise of its powers under Section 119 of the Income-tax Act,1961 (Act), extends the due date of furnishing of Return of Income under sub-section (1) of section 139 of the Act for the Assessment Year 2022-23, which is 31st October 2022 in the case of assessees referred in clause (a) of Explanation 2 to sub-section (I) of section 139 of the Act, to 07th November 2022." The extended due date is applicable to all taxpayers where audit is required, said Sujit Bangar, Founder, Taxbuddy.com. Business who are required to get their books audited, either under an income tax audit or under any statutory audit will now get an additional seven days to file their tax return, said Ankit Jain, Partner, Ved Jain & Associates. Also Read: However, for majority of individual taxpayers, the last date for filing income tax return for AY 2022-23 was July 31,2022. Commenting on the move, Aarti Raote, Partner, Deloitte India sa...

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 ...

Deadline For Revised and Belated ITRs: Now that 2022 is ending and the new year 2023 is going to start in about a week, the window for filing the revised or belated ITR (income tax return) is also going to be closed on December 31. So, if you could not file your income tax return by July 1, 2022, or had filed the ITR but made some mistake in that, you can correct the course by filing a belated or revised ITR by December 31, 2022. The original deadline for filing the income tax returns for the assessment year 2022-23 was July 31, and the last date was not extended this year. A record 72.42 lakh income tax returns were filed on the last day of such filing on July 31, taking the cumulative returns to 5.83 crore, near to the same levels of last year. While, initially, income tax return (ITR) filing was slow, the pace picked up as the deadline neared. Belated ITR Under Section 139(4) of the Income Tax Act, 1961, there is a provision for filing a belated ITR in case you have missed the original deadline. However, as per Section 234F, a penalty of Rs 5,000 needs to be paid if one files a belated ITR after July 31 by taxpayers with a total income of Rs 5 lakh and above. For taxpayers with less than Rs 5 lakh total income, the fine amount is Rs 1,000 while those who are exempt from paying income tax do not have to pay any penalty. For filing the belated ITR, filers must select Section 139(4) in the tax return form. The last date for filing the belated ITR is December 31. If someone...

ITR AY 2022-23: Last date approaching; check how to file your income tax return You can e-verify your ITR immediately or within 120 days of filing using the methods listed on the website. The e-verification can be done through Aadhaar OTP, pre-validated bank account, pre-validated demat account or EVC generated through bank ATM The Income Tax Department has notified taxpayers that the option to file Income Tax Return for the current assessment year (AY) 2022-23 is available on the department’s website. The last date to file the ITR is 31 July. Taxpayers can visit the website incometax.gov.in/iec/foportal to file their returns. “ITR filing for AY 2022-23 is available on e-filing portal. Check your Form 26AS, AIS & other relevant documents before submission,” the I-T department tweeted yesterday, 22 June. View the tweet here. https://twitter.com/IncomeTaxIndia/status/1539556670426099712 How To File I-T Return Online? Step-by-step guide below: • Visit the website incometax.gov.in/iec/foportal. • Login using your PAN card number. • Click on ‘e-file’ and choose 2022-23 as 'Assessment year'. • Select ITR -1 or ITR-4 depending on your annual income, status and other details. • Select your reason for filing the return and validate your pre-filled information. • Update your ITR details by uploading the relevant documents. • Confirm your details and click on verify and submit. This takes a few minutes. • Select the appropriate verification option under the 'Taxes Paid and Verificati...

Deadline For Revised and Belated ITRs: Now that 2022 is ending and the new year 2023 is going to start in about a week, the window for filing the revised or belated ITR (income tax return) is also going to be closed on December 31. So, if you could not file your income tax return by July 1, 2022, or had filed the ITR but made some mistake in that, you can correct the course by filing a belated or revised ITR by December 31, 2022. The original deadline for filing the income tax returns for the assessment year 2022-23 was July 31, and the last date was not extended this year. A record 72.42 lakh income tax returns were filed on the last day of such filing on July 31, taking the cumulative returns to 5.83 crore, near to the same levels of last year. While, initially, income tax return (ITR) filing was slow, the pace picked up as the deadline neared. Belated ITR Under Section 139(4) of the Income Tax Act, 1961, there is a provision for filing a belated ITR in case you have missed the original deadline. However, as per Section 234F, a penalty of Rs 5,000 needs to be paid if one files a belated ITR after July 31 by taxpayers with a total income of Rs 5 lakh and above. For taxpayers with less than Rs 5 lakh total income, the fine amount is Rs 1,000 while those who are exempt from paying income tax do not have to pay any penalty. For filing the belated ITR, filers must select Section 139(4) in the tax return form. The last date for filing the belated ITR is December 31. If someone...

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...

The Central Board of Direct Taxes (CBDT) has extended the due date for filing The CBDT had last month extended the deadline for filing audit reports. Hence, it has now extended the due date for filing income tax returns. In a notification issued on October 26, 2022, the apex body said, "In consequence of the 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 7th October 2022 by Circular No. 19/2022 dated 30.09.2022, Central Board of Direct Taxes (CBDT), in the exercise of its powers under Section 119 of the Income-tax Act,1961 (Act), extends the due date of furnishing of Return of Income under sub-section (1) of section 139 of the Act for the Assessment Year 2022-23, which is 31st October 2022 in the case of assessees referred in clause (a) of Explanation 2 to sub-section (I) of section 139 of the Act, to 07th November 2022." The extended due date is applicable to all taxpayers where audit is required, said Sujit Bangar, Founder, Taxbuddy.com. Business who are required to get their books audited, either under an income tax audit or under any statutory audit will now get an additional seven days to file their tax return, said Ankit Jain, Partner, Ved Jain & Associates. Also Read: However, for majority of individual taxpayers, the last date for filing income tax return for AY 2022-23 was July 31,2022. Commenting on the move, Aarti Raote, Partner, Deloitte India sa...

The last day tofile an The IRS will charge interest under Section 234A and a penalty under Section 234F to taxpayers who file their returns after the deadline. What are the Financial Year (FY) and the Assessment Year (AY)? The return you are now filling is for the tax year 2022–2023 (FY 2022–2023), which covers the period from 1 stApril 2022 to 31 stMarch 2023. The assessment year is the time period during which you file your returns and declare your investments for tax assessment for the fiscal year (2022–2023). The assessment year for the income received during the FY (in this case, FY 2022-23)would be the year after that, from 1 stApril 2023 to 31 stMarch 2024. AY 2023–24would be the assessment year as a result. Tax filing deadlines for fiscal years 2022-23 (AY 2023-24) Taxpayer Category Tax Filing Deadline-FY 2022-23 *(unless extended) Individual/HUF/AOP/BOI (audited books of accounts are not necessary) 31stJuly 2023 Businesses (Audit Required) 31stOctober 2023 Businesses that require transfer price reports (for international/specified domestic transactions) 30thNovember 2023 Return Revised 31stDecember 2023 Belated/late return 31stDecember 2023 What happens if you don't file your ITR before the deadline? Interest:If you file your return after the due date, you must pay interest on the unpaid tax amount at 1% each month or part month under Section 234A. Late charge:A late cost of Rs.5,000 is required under Section 234F. If the total income is less than Rs.5 lakh, it wi...