ITR Filing important News: Who is exempted from filing ITR for the assessment year 2022-23 and who has to file?

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ITR Filing: The last date to file ITR for assessment year 2022-23 is July 31. If a taxpayer fails to submit a belated return for the financial year 2021–22 (AY 2022–23), he may get a notice of inquiry from the Income Tax Department.

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Individual taxpayers whose accounts are not required to be audited have time till July 31, 2022 to file ITR for the financial year 2021–22 (AY 2022–23). Any assessee other than a corporate assessee or a non-corporate assessee, whose records are to be accounted for. Partner of a firm whose accounts are audited or the spouse of such partner, if the provisions of section 5A relate, or an assessee to whom the report under section 92E is to be furnished. The return of income should be filed by the specified date as per the guidelines laid down by the Income Tax Department. 

For whom is it necessary to file ITR?

If the gross annual income of a person exceeds ₹ 2,50,000 under the new tax regime in a financial year, then as per the tax rules, it is necessary to submit the tax return. Gross annual income includes income from various sources including salary, immovable property, capital gains etc. The exemption limit under the old regime is Rs 2.5 lakh for persons below 60 years of age, Rs 3 lakh for senior citizens above 60 years but below 80 years of age, and Rs 5 for those above 80 years of age. Lakh. (Super Senior Citizen).

What income group should people file ITR?

The income tax regime chosen by the taxpayer while submitting the ITR determines the basic exemption limit for each individual. An individual or HUF must file a tax return. If their total income, before any deduction or exemption, exceeds the statutory exemption limit. However, individuals have to report any international travel expenses exceeding Rs 2 lakh in their Income Tax Return (ITR). If the cash deposit and withdrawal of a bank account exceeds Rs 10 lakh in a financial year and 50 lakh in a current account, it is mandatory to specify in the IT return. The government has announced a new income tax return form for 2019-20.

Those who spend more than 1 lakh in electricity bills or have deposited more than 1 crore in current accounts will have to file ITR on a mandatory basis. If you are a resident, any income you receive from a foreign country must be specified in your total income, as it is taxable in India. The Indian Income Tax Act, 1961, known as NRI taxes, deals with people who earn income outside their place of residence. Before seeking tax deduction on capital gains under sections 54, 54B, 54D, 54EC, 54F, 54G, 54GA, or 54GB, the gross total income of an individual should not exceed the basic exemption limit otherwise tax filing is mandatory.

These people are required to file ITR

If your total TDS/TCS is Rs 25,000 as General Public and Rs 50,000 as a Senior Citizen, then you need to file Income Tax Return. If you are salaried then it is necessary to file ITR. 10 lakhs or more per annum or if your income from any business or profession is more than Rs 50 lakhs. Any purchase or sale of immovable property worth Rs 30 lakh or more must be disclosed on Form 26AS, as well as any investment in stocks, mutual funds, debt instruments, bonds or payment on credit card debt that exceeds Rs 10 lakh If yes, it should be specified in the ITR.

Who is exempted from filing ITR?

Those who fulfill certain requirements as mentioned in the Income Tax Act of 1961, super elderly persons aged 75 years and above will not be required to file ITR till FY 2021-22. Through the Finance Act 2021, the government added a new section 194P to the Income Tax Act of 1961, defining the standards for exemptions for older persons from filing income tax returns. If you are a resident of India and were 75 or above a year ago, i.e. in FY 2021-2022, you are exempted from filing ITR. You should also have earned interest income from the same specified bank where you get your pension, and you have to provide that with a declaration to the defined bank, which returns your exemption for filing ITR.

Can’t file ITR before 31st July 2022?

To reduce the last minute rush, it is advisable to file the returns as early as possible before the deadline ends. If you fail to submit your ITR by the deadline, you will have to file a belated ITR and pay a penalty. Returns can still be submitted till 31st December of assessment year 2023. Even if the date of filing ITR is 31st July. Therefore, the deadline for late submission of returns is on or before the end of the applicable assessment year. As per the guidelines laid down by the Income Tax Department, delayed returns for 2021-22 can be filed up to December 31, 2022 or up to three months before AY2023 ends on March 31, 2023.

Penalty to be paid for late filing of ITR

Late filing of ITR will attract penalty. If you submit your ITR after the deadline of July 31, 2022, but before December 31, 2022, you will be fined up to Rs 5,000. However, the penalty for delayed ITR will be Rs 1000 only for those taxpayers whose total income is less than 5 lakhs.

Additionally, if a taxpayer fails to submit a belated return for the financial year 2021–22 (AY 2022–23), he may get a notice of scrutiny from the Income Tax Department.

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