The deadline (31 July 2023) for filing Income Tax Return (ITR) has passed and the government has not given any extension. At the same time, till July 31, people had to disclose their earnings for the financial year 2022-23. More than 6 crore ITRs were filed this time till 31 July. However, many people have not even been able to file their income tax returns by the due date of 31 July 2023. In such a situation, now a good news has come for those people.

Income tax return

If you are a person who has to pay tax but has not been able to file the return by the due date, then you do not need to panic as it is still possible to pay tax till 31 December 2023. This is called late filing of income tax return. Belated returns can be filed anytime after 31st July but before 31st December. However, for this people also have to pay late fees.

What is the fee to be paid for late return filing?

The penalty for late income tax return depends on which salary slab you fall under. A person whose net income is more than Rs 5 lakh can file tax by paying Rs 5000 as late fee. On the other hand, people whose salary is less than Rs 5 lakh will have to pay a late fee of Rs 1000.

Last Date

According to the amendment in the Finance Act 2021, from the assessment year 2021-22, taxpayers can submit belated returns three months before the end of the relevant assessment year or before the completion of assessment, whichever is earlier. For assessment year 2023-24, if the Income Tax Officer does not complete the assessment himself, the last date for filing belated returns is on or before 31 December 2023.

Interest

Another disadvantage of late filing is that when ITR is filed before the due date, taxpayers get interest at the rate of 0.5% per month on the refund amount from April 1 till the date of refund. However, in case of belated returns, this interest will be calculated from the date of filing of ITR till the date of refund.

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New Delhi. The Income Tax Department has announced the last date for filing income tax return. The last date for filing ITR for the financial year 2022-23 for the taxpayers of the country will be 31 July. New assessment year 2023-24 will start from 1st April. Generally, the due date for filing ITR is 31st July. It is expected that this date will also be the last date for filing tax returns this year.

Earlier, the government has extended the due dates for ITR filing due to various reasons. However, this year it is expected that the date will not be extended. This is also because the Central Board of Direct Taxes (CBDT) has notified the new ITR form for Assessment Year 2023-24 more than a month in advance. The new ITR forms were notified by the CBDT on February 10 and are available on the Income Tax website.

Penalty will have to be paid if missed

Since the assessment year 2023-24 is starting from April 1, taxpayers will be able to file the return of income made in the financial year 2023-24 from April 1. The return filing facility will be available till 31st July, failing which you will have to file a belated ITR.

No major changes in ITR form

The Income Tax Department has not made any major changes in the ITR form as compared to last year. Only due to amendments in the Income Tax Act, 1961, some necessary changes have been made. The Central Board of Direct Taxes (CBDT) notified Income Tax Forms 1-6 on February 10 for citizens, professionals and companies for income earned in 2022-23.

The Income Tax Department had presented a proposal in November 2022, in which it was said that there would be a common form for all ITR forms except ITR. This was done to simplify income tax return filing and reduce the time taken in ITR filing for individual and non-business taxpayers.

The new ITR form notified by the tax department includes a separate schedule for income from crypto and other virtual digital assets. The government had announced rules for taxation of crypto income in Budget 2022.

The post ITR filing date announced! CBDT told- where, how and till when income tax can be paid, this time… first appeared on Rightsofemployees.com.

The Income Tax Department said that the Income Tax Return (ITR) forms for 2022-23 will be effective from April 1 and these have been notified much in advance to facilitate filing of returns from the beginning of the next assessment year.

Income Tax The Income

Tax Department said that in order to facilitate the taxpayers and to further simplify the process of filing returns, no major changes have been made in the ITR form as compared to last year. Only due to amendments in Income Tax Act, 1961 some necessary but minor changes have been made. The Central Board of Direct Taxes (CBDT) notified Income Tax Forms 1-6 on February 10 for individuals, professionals and companies for income earned in 2022-23.

CBDT has notified Income-tax Return Forms (ITR Forms) for the AY 2023-24 vide Notifications No. 04 & 05 of 2023 dtd 10.02.2023 & 14.02.2023 well in advance in order to enable filing of returns from the beginning of the ensuing AY.
Details in Press Releasehttps://t.co/LN67SHrZDi pic.twitter.com/Yle6EtFLIQ

— Income Tax India (@IncomeTaxIndia) February 15, 2023

Income Tax Login

Also, ITR Form-7 was notified on February 14 for charitable trusts, scientific research institutions, political parties and universities. “These ITR forms will be effective from April 1, 2023 and have already been notified to facilitate filing of returns from the beginning of the next assessment year,” the CBDT said in a statement.

ITR

Explain that ITR forms are usually notified by the end of March or beginning of April for a financial year. However, this time they have already been released.

The post ITR Filing Date Announcement: Big News! Income tax filing date has been announced, check full details immediately first appeared on Rightsofemployees.com.

If you do not file income tax return by 31st July this year, then you can do so by 31st December this year. For this, you will have to pay interest on penalty and tax. This is called a belated return. Tax experts say that taxpayers should avoid filing belated returns.

For filing the billed return, you will have to pay a penalty of Rs 5000. If the annual income is less than Rs 500000 then the penalty will be Rs 1000. This late fee is levied under section 324F of the Income Tax Act, 1961. You have to pay this late fee before filing the belated return.

One of the disadvantages of filing a belated return is that you will not be able to carry forward certain types of losses. This includes income from other sources, income from capital gains, income from business and profession.

Second, if your income tax refund is made, this money will hang. The refund money will be credited to your account only after you have filed and verified your belated return. Interest is available at the rate of 0.50 per cent every month on the income tax refund amount. There is no interest on your refund amount if you file a belated return.

Apart from the penalty of Rs 5000, you will also have to pay interest on the tax amount. This will be 1% of the tax amount per month. In this way, the disadvantages of filing belated returns are more, the advantages are less.

It is also important to know that if you have not filed the belated return by December 31 this year, then you cannot file the income tax return until the tax department sends you a notice.

Income Tax Department has tweeted from its Twitter handle. It said that till July 28, 4.09 crore income tax returns have been filed. More than 36 lakh returns were filed only on July 28. The Income Tax Department is also sending reminders for return filing to taxpayers through SMS and email.

The post New order issued regarding extension of ITR filing date , You can file return till 31st December, know here complete details first appeared on Rightsofemployees.com.

If you do not file income tax return by 31st July this year, then you can do so by 31st December this year. For this, you will have to pay interest on penalty and tax. This is called a belated return. Tax experts say that taxpayers should avoid filing belated returns.

For filing the billed return, you will have to pay a penalty of Rs 5000. If the annual income is less than Rs 500000 then the penalty will be Rs 1000. This late fee is levied under section 324F of the Income Tax Act, 1961. You have to pay this late fee before filing the belated return.

One of the disadvantages of filing a belated return is that you will not be able to carry forward certain types of losses. This includes income from other sources, income from capital gains, income from business and profession.

Second, if your income tax refund is made, this money will hang. The refund money will be credited to your account only after you have filed and verified your belated return. Interest is available at the rate of 0.50 per cent every month on the income tax refund amount. There is no interest on your refund amount if you file a belated return.

Apart from the penalty of Rs 5000, you will also have to pay interest on the tax amount. This will be 1% of the tax amount per month. In this way, the disadvantages of filing belated returns are more, the advantages are less.

It is also important to know that if you have not filed the belated return by December 31 this year, then you cannot file the income tax return until the tax department sends you a notice.

Income Tax Department has tweeted from its Twitter handle. It said that till July 28, 4.09 crore income tax returns have been filed. More than 36 lakh returns were filed only on July 28. The Income Tax Department is also sending reminders for return filing to taxpayers through SMS and email.

The post New order issued regarding extension of ITR filing date , You can file return till 31st December, know here complete details first appeared on Rightsofemployees.com.

If you do not file income tax return by 31st July this year, then you can do so by 31st December this year. For this, you will have to pay interest on penalty and tax. This is called a belated return. Tax experts say that taxpayers should avoid filing belated returns.

For filing the billed return, you will have to pay a penalty of Rs 5000. If the annual income is less than Rs 500000 then the penalty will be Rs 1000. This late fee is levied under section 234F of the Income Tax Act, 1961. You have to pay this late fee before filing the belated return.

One of the disadvantages of filing a belated return is that you will not be able to carry forward certain types of losses. This includes income from other sources, income from capital gains, income from business and profession.

Second, if your income tax refund is made, this money will hang. The refund money will be credited to your account only after you have filed and verified your belated return. Interest is available at the rate of 0.50 per cent every month on the income tax refund amount. There is no interest on your refund amount if you file a belated return.

Apart from the penalty of Rs 5000, you will also have to pay interest on the tax amount. This will be 1% of the tax amount per month. In this way, the disadvantages of filing belated returns are more, the advantages are less.

It is also important to know that if you have not filed the belated return by December 31 this year, then you cannot file the income tax return until the tax department sends you a notice.

Income Tax Department has tweeted from its Twitter handle. It said that till July 28, 4.09 crore income tax returns have been filed. More than 36 lakh returns were filed only on July 28. The Income Tax Department is also sending reminders for return filing to taxpayers through SMS and email.

The post New order issued regarding extension of ITR filing date , You can file return till 31st December, know here complete details first appeared on Rightsofemployees.com.

If you do not file income tax return by 31st July this year, then you can do so by 31st December this year. For this, you will have to pay interest on penalty and tax. This is called a belated return. Tax experts say that taxpayers should avoid filing belated returns.

For filing the billed return, you will have to pay a penalty of Rs 5000. If the annual income is less than Rs 500000 then the penalty will be Rs 1000. This late fee is levied under section 324F of the Income Tax Act, 1961. You have to pay this late fee before filing the belated return.

One of the disadvantages of filing a belated return is that you will not be able to carry forward certain types of losses. This includes income from other sources, income from capital gains, income from business and profession.

Second, if your income tax refund is made, this money will hang. The refund money will be credited to your account only after you have filed and verified your belated return. Interest is available at the rate of 0.50 per cent every month on the income tax refund amount. There is no interest on your refund amount if you file a belated return.

Apart from the penalty of Rs 5000, you will also have to pay interest on the tax amount. This will be 1% of the tax amount per month. In this way, the disadvantages of filing belated returns are more, the advantages are less.

It is also important to know that if you have not filed the belated return by December 31 this year, then you cannot file the income tax return until the tax department sends you a notice.

Income Tax Department has tweeted from its Twitter handle. It said that till July 28, 4.09 crore income tax returns have been filed. More than 36 lakh returns were filed only on July 28. The Income Tax Department is also sending reminders for return filing to taxpayers through SMS and email.

The post New order issued regarding extension of ITR filing date , You can file return till 31st December, know here complete details first appeared on Rightsofemployees.com.

If you do not file income tax return by 31st July this year, then you can do so by 31st December this year. For this, you will have to pay interest on penalty and tax. This is called a belated return. Tax experts say that taxpayers should avoid filing belated returns.

For filing the billed return, you will have to pay a penalty of Rs 5000. If the annual income is less than Rs 500000 then the penalty will be Rs 1000. This late fee is levied under section 324F of the Income Tax Act, 1961. You have to pay this late fee before filing the belated return.

One of the disadvantages of filing a belated return is that you will not be able to carry forward certain types of losses. This includes income from other sources, income from capital gains, income from business and profession.

Second, if your income tax refund is made, this money will hang. The refund money will be credited to your account only after you have filed and verified your belated return. Interest is available at the rate of 0.50 per cent every month on the income tax refund amount. There is no interest on your refund amount if you file a belated return.

Apart from the penalty of Rs 5000, you will also have to pay interest on the tax amount. This will be 1% of the tax amount per month. In this way, the disadvantages of filing belated returns are more, the advantages are less.

It is also important to know that if you have not filed the belated return by December 31 this year, then you cannot file the income tax return until the tax department sends you a notice.

Income Tax Department has tweeted from its Twitter handle. It said that till July 28, 4.09 crore income tax returns have been filed. More than 36 lakh returns were filed only on July 28. The Income Tax Department is also sending reminders for return filing to taxpayers through SMS and email.

The post Big News: New order issued regarding extension of ITR filing date , You can file return till 31st December, know here complete details first appeared on Rightsofemployees.com.

By July 31, about seven crore ITRs are to be filed, but till July 28, the figure had not even reached five crore. In such a situation, the load on the return filing portal may increase in the last two days and the system may become slow. There are many benefits of filing ITR on time . If your refund is made, then the sooner you file the income tax return, the sooner the refund will come.

date will not move forward

It has been said by tweeting on behalf of Income Tax India that till 28 July 2022, more than 4.09 crore people had filed their ITR . On July 28, more than 36 lakh ITRs were filed. The last date to file ITR for assessment year 2022-23 is July 31, 2022. If you have not filed your ITR yet, do so immediately and avoid late fees.

Over 4.09 crore ITRs filed till 28th July, 2022 & more than 36 lakh ITRs filed on 28th July, 2022 itself.
The due date to file ITR for AY 2022-23 is 31st July, 2022.
Please file your ITR now, if not filed as yet. Avoid late fee.
Pl visit: https://t.co/GYvO3n9wMf#ITR #FileNow pic.twitter.com/p0ABBuoZ6r

— Income Tax India (@IncomeTaxIndia) July 29, 2022

how much will be the fine

Income Tax India has made it clear in its tweet that by July 31, file ITR and avoid late fine. This means that for filing ITR from August 1, a fine will have to be paid. You can avoid this by filing your return on time.

Filing ITR after the deadline may attract a penalty. For filing returns after the deadline, a late fee of Rs 1,000 will be levied on income of Rs 5 lakh or less. Late fee will be Rs 5,000 for income above Rs 5 lakh. This amount can go up to Rs 10,000.

File your own income tax return

To fill ITR, you have to log on to the Income Tax Department website https://www.incometax.gov.in/iec/foportal with the help of user id and password. For filing Income Tax Return ( ITR ), you will need PAN Card , Aadhar Card , Bank Account Number, Investment Details and Form 16 or Form 26AS.

The post Income Tax Department Big Announcement: Will ITR filing date be extended beyond July 31? check announcement immediately first appeared on Rightsofemployees.com.

This message came from the government

Tweeting from the official Twitter handle of the Income Tax Department, it is written, ‘Dear taxpayer, if you have not filed ITR yet, then the last date is now near. The last date to file ITR for assessment year 2022-23 is July 31.Not much time is left now.

Will ITR filing date be extended?

According to news agency PTI, Revenue Secretary Tarun Bajaj says that the last date for filing ITR is July 31.At present, there is no idea to extend the date. It is expected that by the last date all taxpayers will file ITR.

Taxpayers are facing this problem

Taxpayers are constantly complaining about the Income Tax websitehttps://eportal.incometax.gov.in .Taxpayers say that it is taking a long time for the website to open, OTP to come. This is the reason why taxpayers expect that the date can be extended in view of technical flaws.

The post ITR filing date will be extended from July 31? This message came from the government first appeared on Rightsofemployees.com.

The last date for filing ITR for the financial year 2021-22 or assessment year 2022-23 is 31 July 2022.Many taxpayers have filed their returns so far in the hope that the government may extend the deadline for filing ITR. However, Revenue Secretary Tarun Bajaj clarified that the Center is not looking at extending the July 31 deadline.

The revenue secretary said, ‘People were thinking that the dates would be extended, because this has happened in the past. Due to this reason the pace of filing returns was slow in the beginning, but now 15-18 lakh returns are being submitted daily. In the coming days, it may increase to 25-30 lakhs.

How can I file Income Tax Return?

• First of all go to https://eportal.incometax.gov.in/iec/foservices/#/login.
• Enter your User ID here and then click on Continue. Enter your password and login. If you do not remember the password, click on Forgot Password and you can create a new password.
• After login, click on e-file. After that select the option of File Income Tax Return.
• Select the assessment year 2021-22 and then continue.
• You will get the option for Online and Offline. In this, you select Online and select the option ‘Personal’.
• Now choose either ITR-1 or ITR-4 option and continue.
• If you are salaried then select ITR-1. After that the form will be downloaded on your system. Then go to ‘Filling Type’ and select 139(1)- Original Return.
• After this the selected form will open in front of you, in which fill all the requested information and keep saving. Fill in the bank account details correctly.
• If you select offline mode above, then after filling all the information in the download form, you will see the option of Attach File, where to attach your form.
• After attaching the file, the site will validate the file and click on “Proceed to Verification” after validation.
• In this way your return will be filed and now you can do E-Verification to verify your return.

The post ITR Latest Update: Will the ITR filing date be extended? Learn the easy way to file returns sitting at home first appeared on Rightsofemployees.com.

The last date for filing ITR for the financial year 2021-22 is 31 July 2022.Even as the last date is nearing, a large number of taxpayers have not yet filed ITR. During the last two years, the ITR methods were pushed forward by the government due to the Covid-19 pandemic. A large number of people are feeling that this time also the dates will be extended again. Let us know what has been said by the government?

This message came from the government

Tweeting from the official Twitter handle of the Income Tax Department, it is written, ‘Dear taxpayer, if you have not filed ITR yet, then the last date is now near. The last date to file ITR for assessment year 2022-23 is July 31.Not much time is left now.

Will ITR filing date be extended? 

According to news agency PTI, Revenue Secretary Tarun Bajaj says that the last date for filing ITR is July 31.At present, there is no idea to extend the date.It is expected that by the last date all taxpayers will file ITR.

Taxpayers are facing this problem

Taxpayers are constantly complaining aboutthe Income Tax websitehttps://eportal.incometax.gov.in .Taxpayers say that it is taking a long time for the website to open, OTP to come.This is the reason why taxpayers expect that the date can be extended in view of technical flaws.

The post ITR filing date to be extended from July 31? The government said this 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.

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