Income Tax Calculator: People in the country have to file Income Tax Return once in a year. For those people whose income is taxable, then it becomes very important to file ITR. Let us know the deadline for filing taxes.
Income Tax Return Filing: It is mandatory for the taxpayers to file Income Tax Return. A deadline is issued by the government to fill it, within which taxpayers have to pay tax in any case. But some people are not able to file their Income Tax Return even by the due date. After that they have to pay tax along with fine. This penalty is collected as Income Tax Return (ITR) late fee. The Finance Ministry has extended the due date for filing income tax returns.
Extended date for filing ITR
The Finance Ministry has once again extended the last date for filing Income Tax Return. The ministry has extended the deadline for filing income tax returns (ITR) by companies for the assessment year 2022-23 to November 7. The Central Board of Direct Taxes (CBDT) said in a notification that the deadline for filing audit reports was extended last month, so the deadline for filing ITR has also been extended. The CBDT said, “The date for furnishing the statement of income under sub-section (1) of section 139 of the Act for the assessment year 2022-23 has been extended, which was earlier October 31.” This has now been increased to November 7, 2022.
Form 10A can be filled by November 25
CBDT has also extended the deadline for filing Form 10A to November 25, 2022. Earlier it was to be filled electronically only by 30 September. CBDT said, keeping in view the needs of the taxpayers, the last date for filing Form 10A is extended.
Fine will have to be paid
The last date for filing Income Tax Return (ITR) for the financial year 2021-22 was 31 July 2022. Taxpayers whose accounts are not required to be audited were to file income tax returns by this date. Such taxpayers who have not filed ITR by July 31 will have to pay a fine of Rs 5000 i.e. late fee.
Know till when you can pay tax?
The last date for individuals or HUFs or AOPs or BOIs (whose accounts are not to be audited) was July 31, which has passed. At the same time, the deadline for the accounts to be audited is 7 November 2022. Apart from this, business people whose TP report is required can file ITR till November 30.
Know what are the terms and conditions?
Those whose date of 31 July has passed and they could not file their return due to some reason, they will now be able to file their return till 31 December 2022, but there will be some conditions. This return is called belated return, late return or revised return. Under this facility, you will file the return but you will be deprived of the benefits of interest and set-off, along with paying some penalty.
Income tax filing is mandatory
Significantly, the department has been continuously requesting the taxpayers to submit the returns within the stipulated time to avoid the burden of late fee. However, this year a large number of taxpayers have filed returns as compared to the previous years. At the same time, now the holders of the account to be audited should also pay the tax in time.
We have taken all measures to ensure that the information provided in this article and on our social media platform is credible, verified and sourced from other Big media Houses. For any feedback or complaint, reach out to us at businessleaguein@gmail.com
