The due date for filing income tax return (ITR) for salaried taxpayers and non-auditable accounts is nearing. Hence, it is advisable to file the ITR timely so that you don’t end up paying hefty penalty. The last date for filing ITR for FY 2021-22 for taxpayers whose accounts done need to be audited is July 31.
Filing ITR on time serves you with a plethora of benefits like fast and easy loan approvals from banks, early tax refund and early approval of government tenders and more.
However, failing to do so within the stipulated timeline will lead to heavy penalty in the form of a fee for late filing.
Earlier this week, the Income Tax Department revealed that it has received more than 2 crore ITRs for AY 2022-23.
“Income Tax e-filing portal has received more than 2 crore Income Tax Returns (ITRs) for AY 2022-23. We urge you to file your ITR at the earliest, if not filed as yet,” the department tweeted via its official twitter handle.
How to file Income Tax Return
Income tax returns can be filed with the Income Tax Department in any of the following ways:
1. By furnishing the return in a paper form
2. By furnishing the return electronically under digital signature
3. By transmitting the data in the return electronically under electronic verification code
4. By transmitting the data in the return electronically and thereafter submitting the verification of the return in Return Form ITR-V
In case taxpayer files the return of income without digital signature, then the taxpayer should take two printed copies of Form ITR-V.
It is also worth mentioning here that there are different deadlines for ITR filing for different types of taxpayers.
Individuals and salaried employees
The deadline for filing ITR for individuals and salaried employees who accounts are not needed to go through audit is July 31, 2022.
Taxpayers whose accounts need to be audited
Some taxpayers are provided more time to file their ITRs as the accounts of such taxpayers need to be audited. The last date to file ITR for such taxpayers is October 31, 2022 (unless the date is extended by the central government).
These taxpayers could be a company, a working partner in a firm and other entities such as firm, proprietorship etc. whose accounts need to be audited.
Taxpayers who must report under Section 92E
Those who need to submit a report under Section 92E when they have made any international transactions in a particular financial year. The due date for filing ITR for such taxpayers is November 30, 2022.
For those who have missed the deadline for filing ITR, they can file a belated tax return on or before December 31 of the same assessment year. As per the reform in the Income Tax Act, penalty of Rs 5,000 is charged for filing the ITR after the deadline. For those who have gross income of less than Rs 5 lakh, the fee payable will be Rs 1,000.
