ITR Filing Assessment Year 2022-23: due date for filing Income Tax Return (ITR) The 31st of July, Sunday, has already passed. As warned, the income tax department or the government did not extend the due date for filing ITR for the year 2022-23, However, this does not mean that the options are closed for those who have not filed their tax returns. Taxpayers can still file their ITR if they missed the date due to any reason, through a process called ‘Delayed ITR’. However, if they want to file they will have to pay a penalty. delayed ITR As per the provisions of Finance Act of Govt.
What is Billed ITR?
Taxpayers who may not be able to file their IT returns by July 31, can still file them as delayed returns till December 31. However, it comes with a price. As per government rule under the Finance Act, taxpayers can file income tax returns after the due date. Late filing of tax return attracts a fee under Section 234F of the Income Tax Act and the penalty payable by late filing taxpayers increases depending on the degree of delay.
As per section 234F, delay in ITR after July 31 by taxpayers with total income of Rs 5 lakh and above attracts a penalty of Rs 5,000. For taxpayers with a total income of less than Rs 5 lakh, the penalty amount is Rs 1,000, while those exempt from paying income tax do not have to pay any penalty.
Those who have already filed their income tax return are also eligible to file a revised return if there was a difference in filing the original tax return. The last date to do so is also December 31, 2022.
However, it should be noted that delayed ITR can be filed between August 1 and December 31 and if one misses that deadline too, he/she will not be able to do so unless the Income Tax Department sends a notice.
Record ITR filed on the last day
On July 31, the last day of such filing, a record 72.42 lakh income tax returns were filed, taking the cumulative returns to 5.83 crore, close to the same level last year. Though initially the pace of filing Income Tax Return (ITR) was slow, it picked up pace as the deadline approached.
An official statement said, “The increase in ITR filing took place on July 31, 2022 (due date for salaried taxpayers and other non-tax audit matters) with over 72.42 lakh ITRs filed in a single day. ” The total ITR filed till July 31, 2022 for the assessment year 22-23 is about 5.83 crores.
In the last two financial years, the government had extended the ITR filing deadline to ease compliance for taxpayers battling the Covid pandemic. But this year the deadline was not extended even by a day. Through ITR, a person has to furnish information to the Income Tax Department regarding the income during the year and the taxes payable and paid thereon.
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