Income tax Return Filing AY 2022-23 Last Date Highlights: More than 5.8 crore ITRs were filed till July 31 for FY 2021-22. The due date of ITR filing for FY 2021-22 (AY 2022-23) was July 31. Taxpayers who failed to file their returns by the due date would have to pay a penalty from today. There is a fine of up to Rs 5000 on belated ITR filing, which can be done till December 31, 2022. (Filed ITR, not verified? Do it now)
31 July 2022 was the last date to file ITR of AY 2022-23 for salaried employees and Hindu Undivided Families (HUFs) whose accounts don’t need to be audited. Taxpayers who failed to file ITR by 31 July can now file belated income tax returns till 31 December 2022. However, they will have to pay a penalty for late filing.
According to the Income Tax Department, more than 5 crore ITRs were filed till 30 July. The total ITRs filed number was expected to grow further on the due date i.e. yesterday. The Government denied any extension of the ITR filing due date. With so many ITRs already filed, it was certain that the Government won’t extend due dates. However, some taxpayers and professionals were still hoping for a last-minute surprise.
eportal.incometax.gov.in | Income Tax Return Filing Last Date For Assessment Year 2022-23: ITR Due Date Highlights – How to File ITR, How to File Free IT, IR Filing Benefits, Income Tax Refund Status Check, ITR Due Date Extension News, ITR Tips, FAQ – ITR News and Updates on July 31
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 the belated ITR filing for AY 2022-23. Read full story
Around 68 lakhs ITRs were filed on the Income Tax Return due date for AY 2022-23. “Statistics of Income Tax Returns filed today. 67,97,067 #itrs have been filed upto 2300 hours today & 4,50,013 #itrs filed in the last 1hr,” the Income tax department tweeted. Total 5.8 crore returns were filed till July 31, which was the last date of ITR filing for taxpayers whose accounts don’t need to be audited.
More than 5.5 crore Income tax Returns have been filed till 8 pm today for Financial Year 2021-22 (AY 2022-23), according to Tax Department's data. Today was the last date to file ITR for salaried employees, individuals and HUFs whose accounts don't need to be audited.
Experts advise taxpayers to file their ITRs as soon as possible and not wait until the last minute. If the taxpayers have to wait for tax-related documents, they should expedite the process to recover the documents. And file ITR before the end of the due date.
“If you miss filing your returns, you will have to not only pay the penalty of up to Rs 5,000 (up to Rs 1,000 for taxpayers with income below Rs 5 lakh), but also face other tax implications,” says Archit Gupta, CEO of Clear (formerly Cleartax).
“You will not be able to carry forward losses (other than house property loss), if any, incurred during the year. Also, you need to pay interest at 1% per month or part thereof on the outstanding tax liability,” he adds.
Taxpayers should know that there may be severe consequences for reporting wrong information in ITR. The taxpayer will have to pay heavy penalties for misreporting or underreporting income, say experts.
Around 44 lakhs ITRs have been filed till 6 pm today as taxpayers rush to file returns before the end of the due date today.
“It is essential to understand that the income tax return filing procedure is simple only in a few circumstances, say if you have only salary income from one employer and with all the details mentioned in your Form 16. You can straight away file your taxes using Form 16. But when multiple income sources are to be reported, or complex tax calculations are involved, it is not good to wait till the last minute,” says Archit Gupta, Founder & CEO of Clear (formerly ClearTax).
“The taxpayers delay in filing their returns due to the non-availability or corrections in tax-related documents, for example, rectification in Form 16, loan statements not received from banks, accounting records not properly maintained, etc. Most taxpayers compute their income tax liability well before, but they wait for the due date to delay paying taxes or to take time to find ways to save more taxes,” says Archit Gupta, Founder & CEO of Clear (formerly ClearTax).
According to Income Tax rules, Income reflected in AIS and 26AS are based on information received from different sources and tax compliance made by different stakeholders. “These are made available to the Taxpayer for reference purpose. Taxpayer should check his book of records and provide information in the return as per the information available with him,” the Tax Department says in a document.
“If there is variation between the TDS/TCS or tax payments as provided in Form26AS and the TDS/TCS or tax payments provided in AIS, the Taxpayer may rely on the TDS/Tax payment information provided in 26AS for the purpose of filing of tax return and for computing Pre-paid Taxes,” it adds.
Taxpayers failing to file ITR for 2022-23 by July 31, 2022, may still file the returns by December 31, 2022, but will have to pay a fine along with interest on any unpaid taxes for the year 2021-22. “In case of failure to file ITR by the due date, you can file the belated return by 31st December 2022. A penalty of Rs. 5,000 is levied if the return is filed after the due date but before 31st December 2022,” says Deepak Jain, Chief Executive, TaxManager.in a tax e-Filing and Compliance Management Portal. Read full story
The Income Tax Department has issued helplines to support tax filers.
“Dear taxpayers/stakeholders, Our helplines are operational 24/7 today. Please contact us at the numbers below, if you need any assistance in e-filing of the ITRs,” the Tax Department tweeted.
Numbers on which you can call for assistance:
1800 103 0025
1800 419 0025
If a non-resident person has income, which is taxable in India, the filing of an Income-tax return shall be done in accordance with provisions applicable in the case of the corresponding resident assessee. However, suppose a firm is deemed a fiscally transparent entity according to the provisions of DTAA signed between India and a foreign country (in which such firm is a resident). In that case, the return shall be filed in accordance with the status of the partner in that firm. (Source: Taxmann)
No separate ITR forms have been notified for filing of an updated return. A taxpayer is required to furnish an updated return in those ITR forms which were notified for the respective Assessment Year for which an updated return is to be furnished. Such an ITR form is to be filed along with the newly notified form ITR-U.
While overall, there are no major changes introduced this year, a few additional information is being sought from taxpayers in the new tax return forms. Red full story here
According to the Income Tax department, if the taxpayer is ‘Opting In’ 115BAC Tax Regime for the first time in A.Y. 2022-23, then Taxpayer having business income is required to file Form 10-IE and Ack. No. and Date of filing needs to be mentioned by selecting ‘Opting in Now’ option in ITR-3/4.
For changing tax regime, the department says: “In case Taxpayer had already opted New Tax Regime last year and filed Form 10-IE for A.Y. 2021-22 and Taxpayer wishes to opt out from the new tax regime for A.Y. 2022-23, he is required to file Form 10-IE this year for opting out of the New Regime and mention the filed Form 10-IE Ack. No. and Date of filing in ITR-3/4.”
Some experts think that the due date should not be permanently extended till August 31 or September 30. Doing so would lead to heavy traffic on the Income tax e-filing portal and taxpayers might end up facing more glitches while filing their returns. (Read full story)
More than 57 lakh ITRs were filed on Saturday (30 July) as taxpayers rushed to file their returns hoping no extension of due date this year.
“More than 5.10 crore ITRs have been filed till 30th July,2022. Over 57.51 lakh #itrs were filed on 30th July,2022 itself,’ the Income Tax Department tweeted.
After extending the due date of filing Income Tax Return (ITR) by months in the last two assessment years – mainly due to the COVID-19 pandemic – the Income Tax Department this time is trying to put the things in place by sticking to the original due date of July 31, 2022, even as the Central Board of Direct Taxes (CBDT) is closely monitoring the ground situation before taking any decision on ITR due date extension. Read full story
More than 5.10 crore Income tax Returns for AY 2022-23 have been filed till 30 October, according to Income Tax Department. Of these, 3.7 crore returns have been verified and 2.7 crores verified returns have been processed by the department.
More than 5 crores ITRs were filed till a day before the end of the return filing deadline for AY 2022-23 today, according to the Income Tax department. On Saturday, the department said more than 45 lakh returns were filed. If you haven't filed your return yet then hurry up. The deadline ends today!