Thursday, 19 May 2022

How to Income Tax File


How to Income Tax File



ITR Filing Last Date FY 2021-22 (AY 2022-23), Last Date to File ITR – Income Tax Return Due Date

 

The due date for filing income tax returns is the date by which the returns can be filed without any late fee or penalty. Taxpayers filing their return beyond such due date will have to pay interest under Section 234A and penalty under Section 234F.



It is important for all taxpayers to remember the due date of filing income tax returns. The due date varies on the basis of taxpayer’s category. For instance, salaried individuals are usually required to file their income tax returns by the 31st of July whereas corporates required to conduct audit can file their returns by 31st October of the assessment year (unless extended by the government).

For example, if your financial year starts from 1 April 2021 and ends on 31 March 2022, then it is denoted as FY 2021-22. The assessment year for the income earned during this period (1st April 2021 to 31st March 2022) would begin after the financial year ends – that is from 1st April 2022 to 31st March 2023. Hence, the assessment year would be AY 2022-23. Accordingly, the return filing due date for FY 2021-22 would be as mentioned below.
Income tax filing due dates for FY 2021-22 (AY 2022-23)

Category of Taxpayer Due Date for Tax Filing-
FY 2021-22 *
(unless extended)
Individual / HUF/ AOP/ BOI
(books of accounts not required to be audited) 31st July 2022


Businesses (Requiring Audit) 31st October 2022


Businesses (Requiring TP Report) 30th November 2022



Important due dates of income tax return filing for FY 2021-22

Whenever we talk about income tax, there are certain compulsory tax formalities that need to be followed within the specified due dates, such as filing of income tax returns, paying advance tax on time, etc.


Here is the TAX CALENDAR for the FY 2021-22 (AY 2022-23):

Due Date Tax Due
15th June 2022 Due date for the first instalment of advance tax for the FY 2022-23
15th July 2022 Income tax return filing for FY 2021-22 for individuals and entities not liable for tax audit and who have not entered into any international or specified domestic transaction
15th September 2022 Due date for the second instalment of advance tax for the FY 2022-23
30th September 2022 Submission of audit report (Section 44AB) for AY 2022-23 for taxpayers liable for audit under the Income Tax Act.
31st October 2022 ITR filing for taxpayers requiring audit (not having international or specified domestic transactions).
31st October 2022 Submission of audit report for AY 2022-23 for taxpayers having transfer pricing and specified domestic transactions
30th November 2022 ITR filing for taxpayers requiring audit (not having international or specified domestic transactions).
15th December 2022 Due date for the third instalment of advance tax for the FY 2022-23
31st December 2022 Last date for filing a belated return or revised return for FY 2021-22.
15th March 2023 i. The fourth instalment of advance tax due for the FY 2022-23

ii. The due date for the whole amount of advance tax for FY 2020-21 for taxpayers covered under the presumptive scheme of Section 44AD and 44ADA

Read about how to calculate and pay Advance Tax.

What if you missed filing the return within the due date?

If the due date for filing the original return of income is missed, one can file a return later after the due date, called a belated return. The income tax department also specifies the due date of filing the belated return. This date is now reduced by three months to 31st December of the assessment year (unless extended by the government).

However, a penalty of Rs 5,000 will be charged for the delay in filing of return. But if the total income of the person is less than Rs 5 lakh, then the fee payable is up to Rs 1,000.
Not sure whether you should file an income tax return? Read our article. Use ClearTax to e-file your IT return right away!If you get a salary, you can simply upload your Form 16 and ClearTax will prepare your return automatically and help you finish e-filing quickly
If you are a freelancer or run a small business or a home-based business like a Kirana store or an e-commerce seller (Section 44AD or 44ADA), ClearTax is the easiest place to e-file your ITR-4. Our CAs can prepare and e-file your income tax return. Please have a look at our CA assisted plans here
 


Important Link


*👩‍💻💵Incometax ITR - 1 નવા વર્ષ ૨૦૨૨/૨૩ ઓનલાઇન પોર્ટલ ઓપન કરવામાં આવેલ છે*

 *💻સરકારી કર્મચારીઓ પોતાનું ઈન્કમટેક્સ રિટર્ન ઓનલાઇન ભરી શકે છે*
*👉🏻Income tax નું પોર્ટલ બદલાઈ ગયું છે.*

🧑‍💻પોતાની જાતે 🅸🅽🅲🅾️🅼🅴  🆃🅰️🆇  રિટર્ન ફાઈલ કરો. જુઓ
આસાન સ્ટેપ, ગુજરાતી માં સમજ.



*👉🏻 Income Tax  નવા પોર્ટલ પર રજીસ્ટ્રેશન કેવી રીતે કરવું? જુઓ*






How to claim an income tax refund after the due date?

An income tax refund can be claimed only when you file ITR. However, if you skip the due date for filing ITR, you can file a belated return on or before 31st December of the assessment year. A penalty of Rs 5,000 is charged for the delay in filing of return. However, if the total income of the person is less than Rs 5 lakh, then the fee payable is Rs 1,000.
How to file an income tax return after the due date?

You can file a belated return on or before 31st December of the relevant assessment year.
How to pay income tax after the due date?

If you have missed paying taxes and filing your return within the due date, you will be levied a late filing penalty and interest while filing a belated return. A penalty of Rs 5,000 is charged for the delay in filing of return.
However, if the total income of the person is less than Rs 5 lakh, then the fee payable is Rs 1,000.
Under which section income tax return is filed after the due date?

Section 139(4) allows for the filing of a belated return i.e return after the due date. A penalty of Rs 5,000 is charged for the delay in filing of return.
However, if the total income of the person is less than Rs 5 lakh, then the fee payable is Rs 1,000
What is the due date for filing income tax return?

Usually, the due date to file an income tax return is 31st July for individuals and non-audit cases, and 31st October for audit cases of the relevant assessment year. You can easily e-file your income tax return with ClearTax in under just 7 minutes.
How to revise income tax returns before the due date?

If the taxpayer wants to revise the original return due to some amendments, the same can be done using the revised return under Section 139 (5). The revised return can be filed as per the standard procedure followed for original return filing. However, the taxpayer has to submit the ITR under Section 139(5). The entire process of e-verification needs to be completed while revising the return.

How to revise income tax returns after the due date?

If the taxpayer wants to revise the original return due to some amendments, the same can be done using revised return u/s 139 (5). You can file a belated return on or before 31st December of the assessment year.
Taxpayers cannot file any return once this date is passed. However, if the return was missed due to an extreme situation, you can lodge a request to your A.O. seeking permission to file past returns under Section 119.
What happens if the income tax return is not filed before the due date?

If you fail to file an income tax return within the due date, a belated return can be filed. However, a penalty of up to Rs 5,000 for late filing will be charged for filing belated returns. If the total income of the person is less than Rs 5 lakh, then the fee payable is Rs 1,000. Hence, it is advisable for timely filing of income tax returns unless in exceptional circumstances.
What is the due date of return filing for Trusts?

The due date of return filing of trust for FY 2021-22, whose accounts are not required to be audited is 31st July 2022. If the accounts of the trust are required to be audited, the due date to file ITR will be 31th October 2022.
Suppose the trust is required to furnish a report in Form No. 3CEB u/s section 92E, the due date to file ITR will be 30th November 2022.
What is the due date of return filing for Companies?

The due date of return filing of domestic companies for FY 2021-22 is 31st October 2022. However, if the company is having any international transaction or specified domestic transaction who is required to furnish a report in Form No. 3CEB u/s section 92E, the due date to file ITR will be 30th November 2022.
What is the last date to file ITR?

The last date to file ITR for individuals is 31st July of the relevant assessment year and 31st October for taxpayers whose accounts are subject to audit.
What is the last date of ITR for AY 2022-23?

The last day for filing income tax returns for FY 2021-22 is 31st December 2022 for most individual taxpayers. Filing returns beyond the deadline can attract a penalty of up to Rs 5,000. However, if the total income of the person is less than Rs 5 lakh, then the fee payable is Rs 1,000.

As the deadline is approaching, it is never a good idea to wait for the return filing deadline. Filing your income tax return has been made easier with ClearTax e-filing website
For further reading, check out these
 

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