Last date to file itr 2022-23 extension

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...

As the last date for filing income tax returns for the assessment year 2022-23 approaches, there have been calls from some quarters urging the government for an extension. However, there has been no update on the matter and it looks unlikely that the last date will be extended beyond July 31, 2022. The Over 4.52 crore returns have been filed till July 29, shared the department. It also mentioned that the last minute surge saw 43 lakh ITRs filed on July 29 itself. The department further urged people to file their ITR if they haven’t done so yet, confirming once again the deadline standing at July 31, 2022. "People thought the routine now is that dates will be extended. So they were a little slow in filling the returns initially but now on a daily basis, we are getting between 15 lakhs to 18 lakh returns. This will slightly go up to 25 lakh to 30 lakh returns," he told PTI. Those who file date will have to pay a late filing fees which is Rs 5,000 for annual income of over Rs 5 lakh and Rs 1,000 for annual income under Rs 5 lakh. READ |

Story outline • The process of filing a belated income tax return is same as filing an original income tax return filed on or before the due date. • A penalty is payable by an individual for maximum up to Rs 5,000 while filing a belated ITR. • December 31, 2022 is the last date to file revised ITR as well. Before you get into the New Year festive mode, make sure that all your income tax-related work is finished. December 31, 2022, is the last day to file the belated and revised income tax returns (ITRs) for FY 2021-22 (AY 2022-23) Under income tax laws, an individual who has missed the last date to file an original What is the process of filing belated ITR? A belated ITR is filed under Section 139(4) of the Income-tax Act, 1961. However, the process of filing it is the same as filing an income tax return before the due date. While filing a belated ITR, an individual taxpayer needs to ensure two things: Section 139 (4) in the tax return form is selected and the applicable penalty amount, penalty interest and taxes dues are paid. Under Section 234F of the Income-tax Act, a penalty of Rs 5,000 is levied on an individual filing a belated ITR. However, small taxpayers with a taxable income of up to Rs 5 lakh have to pay only a penalty of Rs 1,000. This late filing fee must be deposited before you start the process of filing a belated ITR. What is the process of filing revised ITR? A revised ITR is filed under Section 139(5) of the Income-tax Act. Here also, the process of filin...

To start the process of filing ITR, you must first ascertain whether your total income (before claiming any deductions) exceeds the exemption limit. For individuals below 60 years of age, the exemption limit is up to Rs 2.5 lakh irrespective of whether you opt for a new income tax regime or an old one. If the total income exceeds Rs 2.5 lakh, then you have to mandatorily file ITR. The next step would be to collect the required documents for ITR filing. This includes various TDS certificates such as Form 16 (from your employer), Form 16A (from banks), interest certificates, capital gains statements, etc.

New Delhi: Providing a relaxation to the tax payer, the Finance Ministry has extended the deadline for filing income tax return for the assessment year of 2022-23 till November 7, 2022. The decision was taken on Wednesday. It is to be noted that the last date to file ITR for FY23 was October 31. ALSO READ | The Central Board of Direct Taxes (CBDT) said in a notification that the ITR filing due date has been extended as it had last month extended the deadline for filing audit reports. CBDT extends the due date for furnishing Income Tax Return for AY 2022-23 to 7th November, 2022 for certain categories of assessees in consequence of extension of due dates for filing various reports of audit. Circular No. 20/2022 dated 26.10.2022 issued. CBDT extends the due date for furnishing Income Tax Return for AY 2022-23 to 7th November, 2022 for certain categories of assessees in consequence of extension of due dates for filing various reports of audit. Circular No. 20/2022 dated 26.10.2022 issued. ALSO READ | Here's how to check ITR status: Those whose ITR does not require an audit (and who have submitted their ITR for AY 2022-23) are therefore entitled for an ITR refund, and such taxpayers can check their ITR refund status online if they have yet to receive the excess tax amount they paid during FY 2021-22. After 10 days of filing an ITR, taxpayers in India can check the status of their ITR refund. So, taxpayers who submitted their ITR more than 10 days ago and are still waiting for ...

According to the official website of the income tax department, out of 10,74,16,060 taxpayers, 7,06,88,702 people filed their income tax returns. The Income Tax Act, 1961 provides a few penal provisions to curb tax evasion and penalize the defaulters in case of non-filing of returns and non/short payment of income tax. A penalty of Rs 5,000 will be charged for the delay in filing returns if the total income to be reported exceeds Rs 5 lakh. For small taxpayers, if the total income of the person is less than Rs 5 lakh, then the fee payable is up to Rs 1,000. After December 31st of the relevant assessment year, one cannot voluntarily file ITRs. After that, if and when the income-tax department picks up yourincome and tax details availablefor scrutiny, the department will direct the defaulter how to comply with the mandatory provisions by paying penalty and interest. Section 234 of theIncome Tax Act, 1961deals withpenal interest that are levied in cases of delay in paying income tax on time.

As the last date for filing income tax returns for the assessment year 2022-23 approaches, there have been calls from some quarters urging the government for an extension. However, there has been no update on the matter and it looks unlikely that the last date will be extended beyond July 31, 2022. The Over 4.52 crore returns have been filed till July 29, shared the department. It also mentioned that the last minute surge saw 43 lakh ITRs filed on July 29 itself. The department further urged people to file their ITR if they haven’t done so yet, confirming once again the deadline standing at July 31, 2022. "People thought the routine now is that dates will be extended. So they were a little slow in filling the returns initially but now on a daily basis, we are getting between 15 lakhs to 18 lakh returns. This will slightly go up to 25 lakh to 30 lakh returns," he told PTI. Those who file date will have to pay a late filing fees which is Rs 5,000 for annual income of over Rs 5 lakh and Rs 1,000 for annual income under Rs 5 lakh. READ |

New Delhi: Providing a relaxation to the tax payer, the Finance Ministry has extended the deadline for filing income tax return for the assessment year of 2022-23 till November 7, 2022. The decision was taken on Wednesday. It is to be noted that the last date to file ITR for FY23 was October 31. ALSO READ | The Central Board of Direct Taxes (CBDT) said in a notification that the ITR filing due date has been extended as it had last month extended the deadline for filing audit reports. CBDT extends the due date for furnishing Income Tax Return for AY 2022-23 to 7th November, 2022 for certain categories of assessees in consequence of extension of due dates for filing various reports of audit. Circular No. 20/2022 dated 26.10.2022 issued. CBDT extends the due date for furnishing Income Tax Return for AY 2022-23 to 7th November, 2022 for certain categories of assessees in consequence of extension of due dates for filing various reports of audit. Circular No. 20/2022 dated 26.10.2022 issued. ALSO READ | Here's how to check ITR status: Those whose ITR does not require an audit (and who have submitted their ITR for AY 2022-23) are therefore entitled for an ITR refund, and such taxpayers can check their ITR refund status online if they have yet to receive the excess tax amount they paid during FY 2021-22. After 10 days of filing an ITR, taxpayers in India can check the status of their ITR refund. So, taxpayers who submitted their ITR more than 10 days ago and are still waiting for ...

According to the official website of the income tax department, out of 10,74,16,060 taxpayers, 7,06,88,702 people filed their income tax returns. The Income Tax Act, 1961 provides a few penal provisions to curb tax evasion and penalize the defaulters in case of non-filing of returns and non/short payment of income tax. A penalty of Rs 5,000 will be charged for the delay in filing returns if the total income to be reported exceeds Rs 5 lakh. For small taxpayers, if the total income of the person is less than Rs 5 lakh, then the fee payable is up to Rs 1,000. After December 31st of the relevant assessment year, one cannot voluntarily file ITRs. After that, if and when the income-tax department picks up yourincome and tax details availablefor scrutiny, the department will direct the defaulter how to comply with the mandatory provisions by paying penalty and interest. Section 234 of theIncome Tax Act, 1961deals withpenal interest that are levied in cases of delay in paying income tax on time.

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...