have to pay fine

The last date for filing Income Tax Return (ITR) for the financial year 2021-22 was 31 July 2022. Taxpayers whose accounts are not required to be audited were to file income tax returns by this date. Such taxpayers who have not filed ITR by July 31 will have to pay a fine of Rs 5000 i.e. late fee.

Till when can I pay tax?

The last date for individuals or HUFs or AOPs or BOIs (whose accounts are not to be audited) was July 31, which has passed. At the same time, the deadline for the accounts to be audited is 31 October 2021. Apart from this, business people whose TP report is required can file ITR till 30th November.

Know Terms and Conditions

Those whose date of 31 July has passed and they could not file their return due to some reason, they will now be able to file their return till 31 December 2022, but there will be some conditions. This return is called belated return, late return or revised return. Under this facility, you will file the return but you will be deprived of the benefits of interest and set-off, along with paying some penalty.

Taxes can be filed till October 31!

Salaried individuals were required to file their income tax returns by July 31, while corporates or those who need to get their accounts audited can file their returns by October 31 of the assessment year. In such a situation, these people will not face any penalty for filing ITR return by 31 October.

Paying tax is mandatory

Significantly, the department has been continuously requesting the taxpayers to submit the returns within the stipulated time to avoid the burden of late fee. However, this year a large number of taxpayers have filed returns as compared to the previous years. At the same time, now the holders of the account to be audited should also pay the tax in time.

The post ITR Filing Date Extended : Now Income Tax Return can be filed till 31st October! check details immediately first appeared on Rightsofemployees.com.

In the last two financial years, the Income Tax Department had extended the last date for filing returns. So this time too many taxpayers are expecting extension of the last date for filing returns. However, nothing has been said about this from the Income Tax Department yet. The department is sending reminders for ITIR filing to taxpayers through SMS and email.

The Income Tax Department has also tweeted about this on Twitter this week. In this, the taxpayers have been appealed to file the return before the deadline. One reason for this is that very few returns have been filed till the first week of July. According to the Income Tax Department data, only 99.20 lakh returns were filed till the first week of July.

This time around 7.5 crore income tax returns are expected to be filed. Looking at this number, the data of 99.20 lakhs seems very less. This means that even one-fourth of the taxpayers have not filed returns so far. In such a situation, the hope of filing 6 crore returns by July 31 seems low.

On the other hand, there are reports of some technical problems in the e-filing website of Income Tax. Proper functioning of the website is essential for return filing. In such a situation, it is believed that the Income Tax Department may extend the deadline for filing returns by a few months. Tax experts say that if the deadline is not extended, most taxpayers will not be able to file returns till July 31.

In case of non-filing of returns by most of the taxpayers on time, the number of taxpayers filing belated returns will increase. As per income tax rules, they have to file belated return by December 31. In such a situation, compliance will increase for those taxpayers on whom tax is levied. Such taxpayers will also have to pay interest on the amount of tax. Due to this there is also a fear of increasing the number of tax disputes.

However, tax experts say that taxpayers should not wait for the extension of the last date to file income tax returns. There are still two weeks left. During this time they should file their returns. If the Income Tax Department does not extend the deadline, then they will have to file a belated return, which will increase their difficulty a bit.

The post ITR Filing Date extended: Will the Income Tax Department extend the deadline for filing ITR? first appeared on Rightsofemployees.com.