The Income Tax Department has informed through a tweet that the last date for filing returns for the assessment year 2022-23 for the salaried people and whose income is not auditable is 31 July 2022. The tax department has also advised that in such a situation, if you have not filed the return, then you should do this work as soon as possible. Let me tell you that due to Corona, for the last two years, many changes were seen in the last date for filing income tax returns. Because of this, many people felt that this time also the last date for filing income tax return may get extended.

Income Tax Department made these changes 

In such a situation, if you are going to file the return, then definitely know about some changes made by the Income Tax Department. The Income Tax Department has recently launched AIS i.e. Annual Information Statement. The department has started these to bring transparency in ITR filing and to make things easier for the taxpayers. In the new AIS form, taxpayers are given details of all the income earned through different channels such as interest earned from savings account, income from recurring and fixed deposits, amount received as dividend and mutual fund transactions. Income earned etc. is included. In simple words, AIS can be called a detailed statement of all the financial transactions done during any one financial year.

Return to be filed for assessment year 2022-23 

It is very important to understand them. When you file your return, you will see one word repeatedly mentioned about assessment year. Assessment year means the year in which you file income tax return. This year you will file the return for the assessment year 2022-23 but this return will be for your income in the financial year 2021-22.

Keep these things in mind before filing ITR 

Now know what are the important things you should keep in mind before filing ITR. So first of all, before filing ITR, you should first select all the income tax return forms. Actually, the Central Board and Direct Taxes (CBDT) has notified 7 forms of ITR, in which ITR 1 to ITR 4 are for individual taxpayers. Well, there are many forms to file income tax return. But if you are an individual taxpayer and do a job, your annual income is less than Rs 50 lakh, then you have to choose the Sahaj Form 1 of Income Tax. 

Businessman required to fill ITR Form 3

People getting pension will also have to fill this form. If there is an FD of the bank and interest is received on it and there is income from house rent, then the same form will have to be filled. Apart from this, if you have income from any source other than your salary, then you have to use ITR 2 such as you have capital gains, income from more than one property, foreign income and income from unlisted shares etc. Apart from this, those whose income is more than 50 lakhs means income from business etc. and it is necessary to get audited, for them ITR 3 is. 

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The process of filing Income Tax Return (ITR) for the assessment year 2022-23 is underway. The last date to file Income Tax Return (ITR) for Salary Class or Common Man is 31st July 2022. At the same time, the last date for filing income tax returns for such individuals whose business audit is necessary is October 31, 2022. Different categories of taxpayers have to file different ITR forms.

Most of the taxpayers file ITR-Form 1, also known as ‘Sahaj’. If a person earns up to Rs 50 lakh annually from salary, house rent or other sources, then he can file Income Tax Return (ITR) through Sahaj Form (ITR-1).

Let us know how ITR-1 Form (Sahaj) can be filled online in few easy steps,

Step 1: First of all login to the e-filing portal using your User ID and Password.

Step 2: On your dashboard, click on e-File > Income Tax Return > ‘File Income Tax Return’.

Step 3: Select the assessment year, i.e. 2021-22, and click on ‘Continue’.

Step 4: Select the mode of filing, such as online, and click on ‘Proceed’. (If you have already filed the Income Tax Return and its submission is showing ‘Pending’ then click on ‘Resume Filing’. If you were filing the return earlier, but something went wrong or you missed any information If you want to change and prepare the return afresh, click on ‘Start New Filing’.

Step 5: Select whichever situation is applicable to you and click on ‘Continue’ to proceed.

Step 6: You have two options to choose the type of income tax return:

• If you are not sure which ITR to file, select ‘Help me decide which ITR form to file’ and click on proceed.
• If you are absolutely sure which ITR to file. Then select ‘I know which ITR format to file’. Select the Income Tax Return format applicable to you from the dropdown and click on ‘Proceed with ITR’.

Step 7: Once you have selected the ITR applicable to you, list all the required documents and click on “Let’s get started”.

Step 8: Here some questions will appear, select the checkbox of the question applicable to you and click on ‘Continue’.

Step 9: View your previously filled data and make changes if needed. Fill in the remaining/additional figures [if needed]. Click ‘Confirm’ at the end of each section.

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If you have not filed your income tax return yet, then you have only 10 more days to do so. This time too, if you fail to file ITR, you will have to pay penalty and interest on the amount of penalty. The last date for filing Income Tax Return (ITR) for the assessment year 2022-’23 (Financial Year 2021-’22) is 31st July.

This last date deadline is for individual taxpayers who do not need to get their accounts audited. There is also a penalty for missing the deadline and you also have to pay interest for late filing of return.

How Much Late Fee

If you miss the deadline of July 31, then you can file late ITR till December 31, but you will have to pay late filing fee. For income above Rs 5 lakh, the late fee is Rs 5,000, while others have to pay Rs 1,000.

Late filing fee will also be applicable to those taxpayers whose income may be less than the tax exemption limit of Rs 2.5 lakh, but they are required to file ITR. This includes those taxpayers who have foreign assets or have earned foreign income or have paid more than ₹ 1 lakh in electricity bill during the financial year. Have deposited more than ₹1 crore in one or more bank accounts and paid more than ₹2 lakh on foreign travel for self or family.

If you have outstanding taxes after the July 31 deadline, you will have to pay a monthly simple interest of 1% on the outstanding amount . On how and how much interest is charged, tax experts say that interest starts counting from the beginning of the month. Understand this with an example that suppose you paid the outstanding tax on the fifth day of the month of August, then you will have to pay 1% interest for the whole month.

With this, suppose you have paid late tax. Now the tax department has calculated your ITR. The department felt that you have not done the calculations correctly and you are facing more tax liability. In such a situation, you will have to pay interest on that additional amount with retrospective effect.

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It means the tax rates keep increasing with an increase in the income of the taxpayer. This type of taxation enables progressive and fair tax systems in the country. Such income tax slabs tend to undergo a change during every budget. These slab rates are different for different categories of taxpayers. Income tax has classified three categories of “individual “taxpayers such as:

Individuals (aged less than of 60 years) including residents and non-residents
Resident Senior citizens (60 to 80 years of age)
Resident Super senior citizens (aged more than 80 years)

How To File Income Tax Return In Partially Online And Partially Offline Mode 

In order to file income tax returns through the ITR-1 form in a partially online and partially offline mode, the taxpayer needs to download the pre-filled JASON file and use the JSON utility to fill in one’s income details for FY22. After this, the taxpayer needs to upload the filled JASON form on the income tax e-filing portal  – incometax.gov.in – to complete the ITR filing process.

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