Sunday, November 27, 2022

Income Tax Return: Big update on ITR filing, penalty will be imposed if the return is not filed before this date

Income Tax Return: If you file Income Tax Return then file your ITR before 31st July. After this, penalty will have to be paid on filing ITR. Also, as July 31 approaches, the load on the website of the Income Tax Department will increase, which may cause problems for you.

Income Tax Return: Do you pay tax? The answer of many people to this question is that they do not come under the purview of tax. If this is the case with you too, then you must file Zero ITR (0 ITR). Filling it is beneficial for you in many ways. Income Tax Return Form (ITR Form) has been notified by the Income Tax Department for the financial year 2021-22 (AY 2022-23). The filing of Income Tax Return has started from June 15, 2022.

ITR can be filed till July 31

If you have received Form-16 from the office, then file ITR as soon as possible. This is because the last date for filing income tax returns has been fixed as July 31. After this, you will have to pay a penalty for filing ITR. Secondly, as the last date approaches, the load increases due to the filing of returns by more taxpayers on the website and in such a situation, there is a problem.

Penalty to be paid after July 31

Let us tell you that the last date for filing income tax return without any late fee for the financial year 2021-22 or assessment year 2022-23 is 31 July 2022. For filing income tax return after the deadline, penalty under section 234A and section 234F of income tax will have to be paid. The last date for filing Income Tax Return for Individual HUF is 31st July.

Apart from this, the last date for filing income tax returns for those who require audit is 31 October 2022. Whereas the last date for filing income tax return for such business which requires TP report is November 30, 2022.

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