Last date for filing itr for ay 2022-23

Income Tax Return Filing Last Date for AY 2022-23: The ITR filing deadline for FY 2021-2022 is July 31 for taxpayers whose accounts don’t need to be audited. It has been observed that a large number of taxpayers wait till the due date to file their ITRs. However, the last-minute hassle often results in incorrect filing Hence, experts advise taxpayers to avoid the last-minute rush and complete ITR filing as early as possible. It is said that the earlier you file ITR, the more you can relax. The ITR filing for AY 2022-23 is now available on the e-filing portal. Can you change tax regime while filing Income Tax Return (ITR)? “One should not wait for the date extension to file the ITR. Taxpayers should file the ITR as soon as possible to get a quick refund & in order to avoid interest under sections 234 A, B & C and late filing fees u/s 234F,” Abhishek Soni, CEO and Co-Founder of Tax2win told FE Online. ALSO READ | All you need to know about ITR filing due date If for some reason, the taxpayer fails to file ITR before the deadline then he has to pay 1% per month extra interest on applicable tax. Besides, a late filing fee also becomes applicable to such late filers. “When it’s about filing the income tax return, it is earlier is better. We should never wait till the last date for filing of the income tax return. There may be many last-minute challenges. For example, site getting crashed or tax payment related issues etc,” Sujit Bangar, Founder of Taxbuddy, said. “Due to any su...

Meet Indian business tycoon who started with one truck and built Rs 6300 crore logistics giant © Provided by News18 Income Tax Return Filing AY 2022-23: December 31 Is Last Date For Filing Revised, Belated ITR 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 exemp...

Tax Audit under Section 44AB of the Income Tax Act (ITA) is the examination of the books of accounts of enterprises carrying business or profession. The tax heads of enterprises must ensure that books of accounts are correctly maintained and that the calculation of taxable income is as per the provisions of the ITA. The tax audit should not be taken lightly as any adverse audit opinion may damage the enterprises’ reputation. It is because the investors are particularly interested in the audit opinion. How to Start if Tax Audit Applies to an Enterprise? Enterprises to whom the tax audit applies must file an income tax return in any applicable ITR The If the tax audit applies to an enterprise, below are the steps to follow: • Appoint a CA in practice to audit the books of accounts. • Address Audit findings • File an income tax return in applicable ITR Form ITR-3 to ITR-7). • CA will file the audit report in a specified format ( Due Date to Upload Tax Audit Report The due date to file the tax audit report for accounts related to FY 2021-22 (AY 2022-23) is 30th September 2022. When tax audit is applicable, the due date to file ITR for the FY 2021-22 (AY 2022-23) is 31st October 2022. Essential Things to do Before the Commencement of Tax Audit Firstly, the top executives and internal audit team must ensure that ethics, moral behaviour, and an operational control system are in order before the audit ensues. Key points the finance department of the entity needs to ensure during t...

The due date of Income Tax Return filing for Assessment Year 2022-23 ended yesterday. More than 5.8 crore returns were filed till July 31, which was the Taxpayers, who missed filing their ITRs by 31 July, can now file belated returns. However, belated ITR filing comes at a cost. Here are all details you need to know about belated ITR filing for AY 2022-23. Your queries: Income Tax; Chosen new tax regime? You can continue with PPF Belated ITR filing penalty According to the Income Tax rules, the penalty for belated ITR filing could be up to Rs 5,000. However, for taxpayers whose total income is not more than Rs 5 lakh in a financial year, the maximum penalty for the delay is Rs 1000. Late filing leads to interest under Section 234A, late filing fees under Section 234F, etc. Moreover, set off and carry forward of losses (except house property loss) and claiming certain deductions under Chapter VI-A will not be allowed in case of belated ITR filing. “We should never delay the filing of the income tax return. The first major consequence of late filing is penalty. One needs to pay a penalty for filing a belated return. Secondly, if there is tax to be paid, you will be charged interest @1% per month after the end of the due date till you pay taxes and file ITR. Thirdly, one cannot carry forward losses. Lastly, late filing of ITR will result in late processing and your refund, if any, will get further delayed,” says Sujit Bangar, Founder,of Taxbbuddy. “If you miss filing your ret...

Income Tax Return Filing for AY 2022-23- Know about deadlines Financial Year 2021-22 has ended and everybody is now waiting for the filing of ITR for the year. Do you know that the Income Tax Department has already notified various ITR forms starting from ITR-1 to ITR-7? Filing of ITR on or before the due date is very important for every taxpayer. This article discusses the deadlines for ITR filing for various assessees including individuals, HUFs, LLPs, firms & companies for the A.Y. 2022-23 (FY 2021-22) What is ITR e filing? Every taxpayer is required to self-assess his/her taxable income for the financial year and file a declaration of such taxable income by way of a return to the Income Tax Department. This return is known as “ Income Tax Return ” (ITR). You are required to submit the ITR online through the portal of the Income Tax Department at https://eportal.incometax.gov.in/ . The online filing of ITR is known as “ ITR e filing ”. What are the due dates of filing ITR for the A.Y. 2022-23? The due dates for income tax return filing are different for various categories of taxpayers. You should also be aware that the ITR forms for each category of taxpayers are different. The Income Tax Department has prescribed 7 forms for filing ITR. You should efile income tax return using the correct form on or before the due date prescribed by the Income Tax department. Due dates of filing ITR for Companies AY 2022-23 • The due date of filing ITR is generally 31 st July 2022 for ...

ITR filing for AY 2022-23: 1. The last date for income tax return (ITR) filing for FY 2021-22 or for AY 2022-23 in non audit cases is 31st July 2022 and for filing. Individual / HUF/ AOP/ BOI (books of accounts not required to be audited) 2. The last date for income tax return (ITR) filing for FY 2021-22 or for AY 2022-23 in audit cases is 31st October 2022 and for filing. Businesses (Requiring Audit) 3. The last date for income tax return (ITR) filing for FY 2021-22 or for AY 2022-23 in transfer pricing cases is 30th November 2022 and for filing. Businesses (Requiring TP Report) ITR-U will also be available for filing updated returns for FY 19-20 & FY 20-21. Cases in Which ITR-U Can be Filed ? 1. Return Previously not filed. 2. Income not reported correctly 3. Wrong Heads of Income Chosen 4. Reduction of Carried forward losses 5. Reduction of unabsorbed Depreciation 6. Reduction of Tax Credit u/s 115JB/115JC 7. Wrong rate of tax Note: Taxpayers will be allowed to file only 1 such correction (updated return) per AY. Cases in which ITR-U Form Cannot be filed? 1. The updated return is a return of the loss 2. The return is reducing the income tax liability from the return filed earlier 3. The return result increases the refund 4. Search/Survey/Prosecution are Initiated for said A.Y. 5. Any proceedings for Assessment / Reassessment/Revision/Recomputation is Pending or Completed for Said A.Y. Act will not allow to file the updated return if there is no additional tax outgo. Add...

ITR filing for AY 2022-23: 1. The last date for income tax return (ITR) filing for FY 2021-22 or for AY 2022-23 in non audit cases is 31st July 2022 and for filing. Individual / HUF/ AOP/ BOI (books of accounts not required to be audited) 2. The last date for income tax return (ITR) filing for FY 2021-22 or for AY 2022-23 in audit cases is 31st October 2022 and for filing. Businesses (Requiring Audit) 3. The last date for income tax return (ITR) filing for FY 2021-22 or for AY 2022-23 in transfer pricing cases is 30th November 2022 and for filing. Businesses (Requiring TP Report) ITR-U will also be available for filing updated returns for FY 19-20 & FY 20-21. Cases in Which ITR-U Can be Filed ? 1. Return Previously not filed. 2. Income not reported correctly 3. Wrong Heads of Income Chosen 4. Reduction of Carried forward losses 5. Reduction of unabsorbed Depreciation 6. Reduction of Tax Credit u/s 115JB/115JC 7. Wrong rate of tax Note: Taxpayers will be allowed to file only 1 such correction (updated return) per AY. Cases in which ITR-U Form Cannot be filed? 1. The updated return is a return of the loss 2. The return is reducing the income tax liability from the return filed earlier 3. The return result increases the refund 4. Search/Survey/Prosecution are Initiated for said A.Y. 5. Any proceedings for Assessment / Reassessment/Revision/Recomputation is Pending or Completed for Said A.Y. Act will not allow to file the updated return if there is no additional tax outgo. Add...

Income Tax Return Filing Last Date for AY 2022-23: The ITR filing deadline for FY 2021-2022 is July 31 for taxpayers whose accounts don’t need to be audited. It has been observed that a large number of taxpayers wait till the due date to file their ITRs. However, the last-minute hassle often results in incorrect filing Hence, experts advise taxpayers to avoid the last-minute rush and complete ITR filing as early as possible. It is said that the earlier you file ITR, the more you can relax. The ITR filing for AY 2022-23 is now available on the e-filing portal. Can you change tax regime while filing Income Tax Return (ITR)? “One should not wait for the date extension to file the ITR. Taxpayers should file the ITR as soon as possible to get a quick refund & in order to avoid interest under sections 234 A, B & C and late filing fees u/s 234F,” Abhishek Soni, CEO and Co-Founder of Tax2win told FE Online. ALSO READ | All you need to know about ITR filing due date If for some reason, the taxpayer fails to file ITR before the deadline then he has to pay 1% per month extra interest on applicable tax. Besides, a late filing fee also becomes applicable to such late filers. “When it’s about filing the income tax return, it is earlier is better. We should never wait till the last date for filing of the income tax return. There may be many last-minute challenges. For example, site getting crashed or tax payment related issues etc,” Sujit Bangar, Founder of Taxbuddy, said. “Due to any su...

The due date of Income Tax Return filing for Assessment Year 2022-23 ended yesterday. More than 5.8 crore returns were filed till July 31, which was the Taxpayers, who missed filing their ITRs by 31 July, can now file belated returns. However, belated ITR filing comes at a cost. Here are all details you need to know about belated ITR filing for AY 2022-23. Your queries: Income Tax; Chosen new tax regime? You can continue with PPF Belated ITR filing penalty According to the Income Tax rules, the penalty for belated ITR filing could be up to Rs 5,000. However, for taxpayers whose total income is not more than Rs 5 lakh in a financial year, the maximum penalty for the delay is Rs 1000. Late filing leads to interest under Section 234A, late filing fees under Section 234F, etc. Moreover, set off and carry forward of losses (except house property loss) and claiming certain deductions under Chapter VI-A will not be allowed in case of belated ITR filing. “We should never delay the filing of the income tax return. The first major consequence of late filing is penalty. One needs to pay a penalty for filing a belated return. Secondly, if there is tax to be paid, you will be charged interest @1% per month after the end of the due date till you pay taxes and file ITR. Thirdly, one cannot carry forward losses. Lastly, late filing of ITR will result in late processing and your refund, if any, will get further delayed,” says Sujit Bangar, Founder,of Taxbbuddy. “If you miss filing your ret...

Meet Indian business tycoon who started with one truck and built Rs 6300 crore logistics giant © Provided by News18 Income Tax Return Filing AY 2022-23: December 31 Is Last Date For Filing Revised, Belated ITR 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 exemp...