ITR Filing AY 2022-23: The last date for filing Income Tax Return (ITR) has passed on Sunday, July 31. As warned, neither the Income Tax Department nor the Government extended the due date for filing ITR for AY 2022-23. However, this does not mean that options are closed for those who have not filed their tax returns. Taxpayers can still file their ITRs if they miss the date for some reason, through a process called ‘delated ITR’. However, if they want to file ITR late as per the provisions of Government Finance Act, they have to pay penalty.
What is delayed ITR?
Taxpayers who cannot file their IT returns by July 31 can still file as late returns by December 31. However, it comes with a price. Taxpayers can file income tax returns after the due date as per government rule under the Finance Act. Late filing of tax return attracts a fee under Section 234F of the Income Tax Act and the penalty payable by the assessees for filing the return increases depending on the extent of the delay.
As per Section 234F, a penalty of Rs 5,000 is required to be paid if one files late ITR after July 31 by taxpayers with total income of Rs 5 lakh and above. The penalty amount is Rs 1000 for taxpayers with total income less than Rs 5 lakh while those exempted from paying income tax will not have to pay any penalty.
Those who have already filed their income tax returns are also eligible to file a revised return if there was a gap in filing the original tax return. The last date to do so is also 31 December 2022.
However, it should be noted that late ITR can be filed between 1st August to 31st December and if one misses even this last date, he will not be able to do so unless the Income Tax Department notifies him. send
Record last day filed ITRs.
A record 72.42 lakh income tax returns were filed on July 31, the last day of such filing, taking the total returns to 5.83 crore, close to the same level as last year. Although the filing of Income Tax Return (ITR) was initially slow, the pace picked up as the deadline approached.
“The surge in ITR filing peaked on July 31, 2022 (due date for salaried taxpayers and other non-tax audit cases) with over 72.42 lakh ITR filings in a single day,” an official statement said. Done.” It said that the total ITRs filed till July 31, 2022 for the assessment year 2022-23 is around 5.83 crore.
During the last two financial years, the government had extended the ITR filing deadline to facilitate compliance for taxpayers battling the Covid pandemic. But this year the deadline was not extended even by a single day. Through ITR, a person has to submit information about income and tax due and paid to the Income Tax Department during the year.
Read all Latest news And Latest news Here
