March 23, 2023

The last date to file income tax return for FY 2021-22 (AY 2022-23) is July 31, 2022, i.e., this Sunday. This deadline is applicable for those taxpayers whose accounts are not required to be audited. The income tax department via its official Twitter account, emails and SMSs has been reminding taxpayers about the last date to file ITR. The government, last week, said that there is no proposal for extending the ITR filing deadline. Click here to know more.

As per a tweet by the income tax department, “More than 3 crore ITRs for AY 2022-23 have been filed on e-Filing portal till 25th July, 2022. The due date to file ITR for AY 2022-23 is 31st July, 2022. We urge you to file your ITR at the earliest, if not filed as yet. #FileNow! Pl visit: #ITD.”

Penalty for missing the ITR filing deadline

As the government has made it clear that there will be no extension on the deadline to file ITR, a taxpayer must ensure that ITR is filed on or before Sunday. If the ITR is filed after the deadline, then it is termed as a belated ITR.

A taxpayer will be required to pay a late filing fee for filing a belated return. This fee of Rs.5,000 is levied under section 234F of the Income-tax Act, 1961. However, for small taxpayers having total income up to Rs.5 lakh, late filing fee will not exceed Rs 1,000. This fee must be deposited before the belated ITR is filed

Penalty for missing ITR filing deadline

Penalty for missing ITR filing deadline

Also Read:
What is the penalty for missing the ITR filing deadline?

ITR form applicable to you

One must choose the correct ITR form while filing their tax return. If the wrong ITR form is used for filing income tax return, then such return will be termed as defective return, and the tax department will send you a notice in this regard.

The income tax return form applicable to you will depend on the sources of income earned by you during the financial year. If an individual has income from salary, one house property, other sources such as interest income, dividend, agricultural income up to Rs 5,000, then he/she is eligible to file tax return using ITR -1.

However, if the total income exceeds Rs 50 lakh or he/she has income from capital gains, or holding unlisted equity shares, then he/she will be required to file ITR-2.

For individual having income from business or profession, one must file income tax return using ITR-3 or ITR-4 as applicable.

Also Read:
Which ITR form is applicable to you for filing income tax return?

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