Individual taxpayers whose accounts are not required to be audited have time till July 31, 2022 to file their ITR for the financial year 2021–22 (AY 2022–23). any assessee other than a corporate assessee or non-corporate assessee, whose accounting records should be accounted for, a partner of a firm whose accounts should be accounted for or the spouse of such partner, if the provisions of section 5A relate, or An assessee who has to furnish a report under section 92E should file the return of income by the specified date in accordance with the guidelines laid down by the Income Tax Department.
Who is required to file ITR?
If the gross annual income of a person is . More than 2,50,000 under the new tax regime in a financial year, as per the tax rules, tax returns are required to be submitted. Gross annual income includes income from various sources including salary, real estate, capital gains, etc. The exemption limit under the old regime was Rs. 2.5 lakh for persons below 60 years of age, Rs. 3 lakh for senior citizens above 60 years but below 80 years of age, and Rs. 5 lakh for those above 80 years of age. (Super Senior Citizen).
The income tax regime chosen by the taxpayer while submitting the ITR determines the basic exemption limit for each individual. An individual or HUF must file a tax return if their total income, before any deduction or exemption, exceeds the statutory exemption limit. However, individuals must report any of the above international travel expenses 2 lakh in their Income Tax Return (ITR). If cash deposits and withdrawals in a bank account exceed 10 lakh in a financial year, and Rs. 50 lakh in current account, then it is mandatory to specify in IT return. The government has announced new income tax return form for 2019-20.
who spend more 1 lakh or more deposited in electricity bill 1 crore in current accounts will be required to file ITR on a mandatory basis. If you are a resident, any income you receive from a foreign country must be specified in your total income, as it is taxable in India. The Indian Income Tax Act, 1961, known as NRI taxes, deals with those who earn income outside their place of residence. Before seeking tax deduction on capital gains under sections 54, 54B, 54D, 54EC, 54F, 54G, 54GA, or 54GB, the gross total income of an individual should not exceed the basic exemption limit otherwise tax filing is mandatory.
If you have total TDS/TCS then you still need to file return of income 25,000 as a general public and 50,000 as a senior citizen, ITR filing is required if you have Rs. ‘s salary. 10 lakhs or more per annum or if your income from any business or profession exceeds Rs. 50 lakhs. any purchase or sale of immovable property for 30 lakh or more to be disclosed on Form 26AS, as well as any investment in payments on stocks, mutual funds, debt instruments, bonds, or credit card debt that exceeds 10 lakh should be specified in ITR.
Who is exempted from filing ITR?
Super elderly persons aged 75 years and above will not be required to file ITR till FY 2021-22 if they fulfill certain requirements mentioned in the Income Tax Act of 1961. Through the Finance Act 2021, the government added a new section 194P to the Income Tax Act of 1961, defining the standards for exemptions for older persons from filing income tax returns. If you are a resident of India and were 75 or above a year ago, i.e. in FY 2021-2022, you are exempted from filing ITR. You also need to have earned interest income from the same specified bank where you get your pension, and you need to provide that with a declaration to the defined bank, which returns your exemption for filing ITR.
What if you fail to submit ITR on or before 31st July 2022?
To reduce the last minute rush, it is advisable to file the returns as early as possible before the deadline ends. If you fail to submit your ITR by the deadline, you will have to file a belated ITR and pay a penalty. Returns can still be submitted till December 31 of assessment year 2023, even if the date of filing of ITR is July 31. Therefore, the deadline for late submission of returns is on or before the end of the applicable assessment year. As per the guidelines laid down by the Income Tax Department, delayed returns for 2021-22 can be filed up to December 31, 2022 or up to three months before AY2023 ends on March 31, 2023. However, you will have to pay a penalty for late filing of ITR. If you submit your ITR after the July 31, 2022 deadline, but before December 31, 2022, you will be levied a maximum penalty. 5,000 However, the penalty for delayed ITR will be only 1000 for those taxpayers whose total income is . is less than 5 lakhs. Additionally, if a taxpayer fails to submit a belated return for the financial year 2021–22 (AY 2022–23), he may get a notice of scrutiny from the tax department.
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