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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If you have not filed the tax return even after the last date of filing it, then now you do not have to worry. Measures have also been taken for this situation in the budget of 2022. With the help of the updated tax return facility, you can file your ITR with some additional taxes.

Under the new section 139(8A) of the Income Tax Act, any person who owns or belongs to someone else Income Tax Returns can be made even after 12 months of the year under review. For this, it is not necessary for him to have filled ITR before.

Understand by example

If you filed your ITR on 31st December 2021, then the year under review will end on 31st March 2022. Now according to the new rule, you will be able to file the updated return till March 31, 2024. At the same time, the updated return for the financial year 2020-21 can be filed till March 31, 2023.

New returns can also be filed

Those who did not file returns last year and are being asked to file double TDS this year can also file updated returns. Dr. Suresh Surana, Founder, RSM India has said that under the new rule, original, billed, revised or fresh return can be filed.

More people brought under the purview of tax returns

Earlier, people with a salary of more than 2.5 lakhs had to compulsorily file returns. However, now those who have deducted TDS of Rs 25,000 (Rs 50000 for senior citizens) in a year, who have kept 50 lakh or more in savings account, 1 crore or more in current account, electricity bill Rs 1 lakh Those who have given more than or spent more than Rs 2 lakh on foreign travel, they have to pay TDS.

How much will be the additional tax

If you have filed the updated return one year after the year under review, then you will have to pay an additional tax of 25 per cent on the return. After this, an additional tax of 50 per cent will have to be paid on the updated returns filed between 12-24 months. Along with this, cess and surcharge will also be applicable on base tax.

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