ITR Filing After Last Date: The deadline for filing ITR was not extended by the department. In such a situation, what is the option left in front of the people now? Information about it is given here. Now income tax return can be filed by paying penalty.
The last deadline for filing income tax returns for the financial year 2021-22 and assessment year 2022-23 is over. The Income Tax Department has refused to extend its earlier deadline. However, the income tax payers raised their voice on social media for this. It also trended on Twitter.
The Income Tax Department had announced a helpline number and portal to assist taxpayers in seamless ITR filing. By filing ITR, a taxpayer can report his income and taxes paid in a financial year to the department. If there is a refund from the government, then ITR will help the taxpayers to claim the amount.
ITR is mandatory if your income exceeds the basic exemption limit. There is no extension in the time limit for filing ITR. With less than 24 hours, it is important to file your ITR to avoid any penalties.
On Sunday, the Income Tax Department said through its Twitter account, around 68 lakh ITRs were filed till 11 pm tonight.
It is worth noting that at present, there are seven ITR forms available, however, these forms differ depending on the category of taxpayers and their source of income. These forms are ITR-1, ITR-2, ITR-3, ITR-4, ITR-5, ITR-6, and ITR-7.
ITR Form 1 (Sahaj) and ITR Form 4 (Sugam) are simpler forms that cater to a large number of small and medium taxpayers. Sahaj can be filed by a person having income up to Rs 50 lakh and who draws income from salary, a house property / other sources (interest, etc.). Similarly, Sugam is filed by Individuals, Hindu Undivided Families (HUFs), and Firms (other than Limited Liability Partnerships (LLPs)) having total income of up to ₹ 50 lakhs and businesses computed under the presumptive taxation provisions and Profession brings income.
Also, individuals and HUFs not having income from business or profession (and not eligible to file Sahaj) can file ITR-2, while those having income from business or profession can file ITR Form 3. Individuals other than individuals, HUFs and companies i.e. partnership firms, LLPs, etc. can file ITR Form 5. Companies can file ITR Form 6. Trusts, political parties, charitable institutions, etc. can file ITR-7 claiming exempt income under the Act.
If you fail to file your ITR on time, you will be liable to pay a certain amount as penalty to the department. Under section 234F of the IT Act, if the return is furnished on or before 31st December of the assessment year, a fine of Rs 5,000 will be levied. Whereas in any other case the fine will be Rs 10,000. It needs to be noted that if the total income of the individual does not exceed Rs 5 lakh, the fee payable under this section will not exceed Rs 1,000.
The basic exemption limit is Rs 2.5 lakh for individuals below 60 years of age, while the exemption limit is Rs 3 lakh for individuals above 60 years but below 80 years of age, and above 80 years. Individual exemption limit is 5 lakhs.