But many people were having trouble in filing tax returns (ITR) and could not do this important work on time. If you have not been able to file ITR yet, then you can file ITR till 31 December 2022. You will have to pay late fees for late filing of ITR returns.

Penalty is charged from the tax payer

Filing of late ITR (ITR) is called income tax return only. It is filed when it is filed after the last date. In this case penalty is charged from the tax payer. On the other hand, revised return is called when it is filed again if there is any mistake while filing ITR. The last date to file Revised ITR is also 31st December.

The last date for revised ITR

has been specified for late ITR filing under section 139(4) of the Income Tax Act, 1961. At the same time, the revised ITR is filed under section 139 (5). Revised ITR can be filed up to three months before the completion of the financial year.

Zero late fee will have to be paid in this condition.

If ITR is not filed till the last date, a late fee of up to Rs 5,000 can be charged under 234A. However, those with an income of Rs 5 lakh or less will have to pay a penalty of Rs 1000. If your taxable income is Rs 2.5 lakh or less, then you will not have to pay any penalty.

Important rules for Revised ITR

If you have made any mistake while filing ITR, then you can file Revised ITR. You can submit both the ITR forms till 31st December. Let us tell you that you can file revised ITR more than once. For this you have to take care of the last date.

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There is important news for those who pay income tax. Now you are going to get a big advantage. If you also fill your income tax return regularly, and for some reason have not been able to complete your filing, then now information is being given by the department in this regard. The department is sending information to such people telling where their filing is stuck and how much has been filled.

Income tax department is giving big facility

Many times, due to non-availability of necessary documents, or due to non-update, people’s income tax return remains stuck in half and people may forget to file their return. Many times such cases also come to the fore that after the due date is over, people lazily do not file ITR returns. In such a situation, the Income Tax Department is now alerting these people by sending messages.

It is necessary to fill ITR

Significantly, it is mandatory to fill ITR only for those who come under the purview of income tax. Under this, those whose annual income exceeds Rs 2.5 lakh must file income tax returns. It is necessary to file ITR. Under the Income Tax Act, the exemption limit has been fixed at Rs 3 lakh for senior citizens and Rs 5 lakh for very senior citizens, that is, it becomes mandatory for you to pay tax if you have income above this. Even if your TDS is being deducted somewhere, you still need to pay income tax. It is also necessary to verify ITR after ITR filing.

Verify online

If you have not verified the ITR, then there is no point in filing your return, that is, your return will be treated as cancelled. You can use Aadhaar OTP or EVC generated through bank account, net banking or demat account to verify ITR. Apart from this, you can also verify it using Digital Signature Certificate (DSC).

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After the ITR deadline is over, you will now have to pay a penalty for filing ITR returns. According to the rules of the Income Tax Department, the amount of penalty has been fixed at Rs 1,000 for income of Rs 5 lakh or less. Whereas, if your income is more than 5 lakhs then the amount of penalty will be Rs 5,000. If the return is not filed after the last date before December 31, 2022, then this penalty will be doubled. That is, you will have to pay Rs 10,000 instead of Rs 5,000.

1000 fine in this case According to Section 234F of Income Tax, Rs 5,000 will have to be paid as penalty for filing ITR after the last date of filing return. However, if the total income of the person does not exceed Rs 5 lakh, then this work can be completed with a penalty of only Rs 1000. On the other hand, if the total income of a person does not exceed the basic exemption limit under the tax regime chosen by him, then he will be exempted from any penalty while filing belated ITR.

Required to Verify

ITR Out of the ITRs filed so far, more than 3 crore Income Tax Returns are in the process of getting verified. It is very important to verify this to get the refund without any interruption. If your mobile number and PAN number are linked with Aadhaar, then this work can be accomplished using Aadhaar based one-time password (OTP).

Speed ​​up in ITR filing on the last day For the assessment year 2022-23, 5 crore 82 lakh 88 thousand 962 people have filed Income Tax Return so far. According to the information given on the Twitter handle of the Income Tax Department, 67,97,067 ITRs were filed in a day till 11 pm on July 31, the last date for filing returns. 4,50,013 returns were filed in just one hour between 10 and 11 pm.

The post ITR issued New Rules: ITR can also be filled by paying a fine of only Rs 1000, here are the rules first appeared on Rightsofemployees.com.