Let us tell you that the filing of Income Tax Return for the financial year 2021-22 and assessment year 2022-23 had started from June 15, 2022. which ended on 31 July. Along with this, the government made a big announcement regarding the filing of income tax.

Government told the deadline

Actually, like the last two years, this time also the last date for tax filing was expected to be extended, but now the government has not extended it. If you do not fill it before the deadline, then you will have to pay a penalty. On the other hand, the last date for filing income tax returns for those who require audit is October 31, 2022. That is, it is mandatory for such people to pay tax before 31 October.

File your return before 31st October

It is noteworthy that the last date for filing income tax returns without any late fee for the financial year 2021-22 and assessment year 2022-23 was July 31, 2022, while the deadline for filing tax with late fee is December 31. That is, now you will have to pay interest on tax along with penalty under section 234A and under section 234F of income tax.

Department issued new rule

Along with this, the department has also issued a new rule. According to this, these rules have been applied to the taxpayers who filed their income tax return on or after August 1. According to the new notification of CBDT, the date of furnishing the return electronically will now be considered as the same when Form ITR-V is submitted within 30 days from the date of transmission of data electronically.

Detailed deadline for filing ITR

It is worth noting that the last date for filing income tax return for personal HUF was July 31, 2022. At the same time, the last date for filing income tax returns for those who require audit is October 31, 2022. And for those who have business and in which TP report is required, the last date for filing income tax return is November 30, 2022. That is, the department has introduced a deadline for all types of income tax payers, if you do not pay tax before the deadline, then you will have to pay a penalty.

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If you are also a tax payer then this news is very important for you. The government has changed the rules for filing tax returns. Actually, the Finance Ministry has increased the scope of income tax filing to bring more people into the tax bracket.

Finance Ministry issued orders

It is worth noting that some time ago the Ministry of Finance issued a notice and informed about this. According to this notification, now people with different income group and income will also have to file income tax return. Under the new rule, now more and more people can be brought under the tax net. These new rules will be considered effective from April 21.

Know what the new rules say?

According to the new rule, if the sales, turnover or income in any business is more than 60 lakhs, then the businessman will have to file a return. Even if the earning of a salaried person is more than Rs 10 lakh per annum, they will still have to file ITR. Income tax return has to be filed even if the amount of TDS and TCS is more than Rs 25,000 in a year. Let us tell you that the limit of TDS + TCS has been kept at Rs 50,000 for taxpayers who are 60 years or more.

Bank deposits will also attract ITR

According to the new notification, if the amount deposited in the bank savings account is 50 lakh or more in 1 year, then such depositors will also have to file their tax return. The new rules will be considered applicable from April 21. The government believes that with the new changes, the scope of income tax filing will increase and more and more people will be able to come in the tax net.

The post ITR Filing Big Rule Changed: Major Changes in ITR Filing Rules! Know the order of the Ministry of Finance! first appeared on Rightsofemployees.com.

In fact, the Revenue Secretary has said that the government has no idea at present to extend the date for filing ITR beyond July 31. Let us tell you that the filing of Income Tax Return for the financial year 2021-22 and assessment year 2022-23 has started from June 15, 2022. Government told the deadline Actually, like the last two years, this time too the last date for tax filing was expected to be extended, but now the government has made its stand clear.

If you have received Form-16 from your office, then fill it without delay. If you do not fill it before the deadline, then you may have to pay a penalty. Apart from this, the load increases when more taxpayers file returns on Income Tax E-filing website. In such a situation, if you also want to avoid the problems in income tax filing, then do not wait for the last moment. File your return before 31st July It is noteworthy that the last date for filing income tax returns for the financial year 2021-22 and assessment year 2022-23 without any late fee is July 31, 2022.

If you file income tax return after the deadline, then you will have to pay interest on tax along with penalty under section 234A and under section 234F of income tax. Detailed deadline for filing ITR Apart from this, let us tell you that the last date for filing income tax return for personal HUF is July 31, 2022. At the same time, the last date for filing income tax returns for those who require audit is October 31, 2022. And for those who have business and in which TP report is required, the last date for filing income tax return is November 30, 2022. That is, the department has introduced a deadline for all types of income tax payers, if you do not pay tax before the deadline, then you will have to pay a penalty.

The post ITR Latest Update: The government gave a big update on the last date to file ITR, know what is the deadline now? first appeared on Rightsofemployees.com.

In fact, the Revenue Secretary has said that the government has no idea at present to extend the date for filing ITR beyond July 31. Let us tell you that the filing of Income Tax Return for the financial year 2021-22 and assessment year 2022-23 has started from June 15, 2022. 

government told the deadline 

Actually, like the last two years, this time too the last date for tax filing was expected to be extended, but now the government has made its stand clear. If you have received Form-16 from your office, then fill it without delay. If you do not fill it before the deadline, then you may have to pay a penalty. Apart from this, when more taxpayers file returns on Income Tax E-filing website, the load increases. In such a situation, if you also want to avoid the problems in income tax filing, then do not wait for the last moment. 

The post Income Tax Return AY 2022-23: Big update on extension of last date for filing income tax return, the government told the deadline first appeared on Rightsofemployees.com.