ITR Due Date AY 22-23: If you are an earning individual, you must pay income tax. The last date of filing income tax return (ITR) for financial year 2021-22 or assessment year 2022-23 is July 31, 2022. It must be noted that the last date of income tax return varies from one taxpayer to another based on categories. It is important to take a note of the due dates of filing income tax returns. Missing ITR deadline will lead to hefty penalty as late filing fee and interest charged on the tax liability.
All you Need to Know About Various ITR forms and Due Dates for FY22
1) Salaried employees and other individuals who do not need to audit their accounts, must file ITR by July 31, 2022.
2) The last date for filing income tax return for Hindu Undivided Families, who do not need an audit, is also July 31, 2022.
3) Those taxpayers, who need to audit their accounts, must file their ITR by October 31, 2022. This rule is applicable for an individual, a working partner of a firm, a company or other entities such as proprietorship, firm who audit their accounts from chartered accountants to file income tax returns.
4) Under Section 92E of the Income Tax Act, 1961, every person who has entered into an international transaction or a specified domestic transaction, is required to obtain a report from a chartered accountant and furnish it on or before a specified date in the prescribed form, signed and verified by the accountant in a prescribed manner. The last date for filing income tax return for such taxpayers will be November 30, 2022.
What Happens if you Miss Filing ITR within the Due Date
If you miss filing income tax return within the due dates, you can file a belated return with penalty and interest later. Until assessment year 2017-18, there was no penalty for filing belated income returns. However, the finance ministry later amended this rule.
Section 139 (4) of the Income Tax Act, 1961, allows taxpayers to file return after due date with a late fee. For individual taxpayers, if ITR filed after July 31, 2022, a late fee of Rs 5,000 will be charged. If the total income of the person is less than Rs 5 lakh in a financial year, then a late of Rs 1,000 will be levied.
Moreover, the taxpayers may also have to an additional interest as penalty under Section 234A of the Income Tax Act, 1961 for filing ITR after the deadline. If you have any unpaid tax liability, then penal interest on the same would be levied, as applicable to your case, if you are filing a belated return. The interest will be charged at the rate of 1 per cent on the outstanding amount every month. and it is calculated from the first day after due date till the date of actually filing returns. However, if you do not have any tax liability, you will not have to pay this interest solely due to the belated filing of ITR.
Read all the Latest News, Breaking News, watch Top Videos and Live TV here.
Comments
0 comment