ITR submission AY 2022-23: The due date for filing the income tax return (ITR) has already passed on Sunday, July 31. As warned, the ITR or government have not extended the due date for filing ITR for AY 2022-23. However, this does not mean that options are closed to those who have not filed their tax returns. Taxpayers can still submit their ITRs if they missed the date for some reason, through a process called “late ITR.” However, they must pay a penalty in case they want to file a late ITR under the provisions of the Government Financing Act.
What is late ITR?
Taxpayers who may not be able to file their IT returns before July 31 can file them as late returns until December 31. However, that comes with a price. according to the government rule under the Financing Act, taxpayers can file an income tax return after the due date. The late filing of the tax return incurs a fee under Section 234F of the Income Tax Act and the penalty payable by appraisers filing late returns increases depending on the degree of delay.
According to section 234F, a penalty of Rs 5,000 is to be paid if someone submits ITR late after July 31 by taxpayers with a total income of Rs 5 lakh and above. For taxpayers with a total income of less than Rs 5 lakh, the fine amount is Rs 1,000 while those who are exempt from paying income tax are not required to pay any fine.
Those who have already filed their income tax returns are also eligible for a revised return if there was a gap in filing the original tax return. The last date to do this is also December 31, 2022.
However, it should be noted that late ITR can be filed between August 1 and December 31 and if someone misses that deadline as well, he or she cannot do the same unless the IRS sends a notice.
Include ITRs submitted on the last day
A record 72.42 lakh income tax return was filed on the last day of such filing on July 31, bringing cumulative returns to 5.83 crore, close to the same levels last year. While filing the income tax return (ITR) was slow at first, the pace accelerated as the deadline approached.
“The wave of ITR filings peaked on July 31, 2022 (due date for salaried taxpayers and other non-tax audit matters) with more than 72.42 lakh ITRs filed in a single day,” an official statement said. The total ITRs filed until July 31, 2022 for assessment year 22-23 is about 5.83 crore, it said.
In the past two fiscal years, the government had extended the deadline for filing ITRs to facilitate compliance for taxpayers battling the Covid pandemic. But this year, the deadline was not extended by a day. Through ITR, a person is expected to provide information about income and taxes owed and paid on it to the tax authorities during the year.
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