All the taxpayers should know that the last date to file their ITR (income tax return) has been scheduled to be Sunday, 31 July 2022, for the financial year (FY) 2021-22. This deadline has been set for those taxpayers whose accounts are already audited. The Income Tax Department of India shared via its social media handles like Twitter that the deadline for filling the ITR is 31 July 2022 and taxpayers should consider filing their ITR prior to the last date to avoid the penalty. Earlier, the taxpayers were expecting the deadline to be extended but the government has cleared the air by saying they have no plans to extend the deadline.
As per an official Tweet by Income Tax India, "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: http://incometax.gov.in #ITD."
ITR Filing 2022: What Is the Penalty for Missing the Deadline?
Since the Government of India has made it clear that there is no proposal to extend the deadline for filing the ITR, taxpayers should file their ITR preferably before the last date. Violators will have to pay a penalty amount of Rs 5,000 as per the section 234F of the Income-tax Act, 1961. However, taxpayers whose income is less than Rs 5 lakhs will have to pay a penalty of Rs 1,000.
Tax that is payed after the deadline is called as 'Belated ITR'. Taxpayers should therefore pay their taxes before the Belated ITR that makes them eligible for penalty.
ITR Filing 2022: What Are the Documents Required?
Taxpayers who want to file their ITR 2022 should keep the following documents ready:
Form 16 - For salaried employees.
Form 26AS
Capital Gains Statement
Bank Statement
Details of Foreign Assets including house property, bank accounts, and any other assets.
Deduction or Exemption Form
To know the complete details about how to get the above ITR documents and a detailed description about how and why are they important, please go to the official website, incometaxindia.gov.in.
ITR Filing 2022: What Is the Eligibility Criteria?
The following people are eligible to pay the income tax return even if their income does not exceed the tax threshold:
People whose annual sales turnover is Rs 60 lakh or above.
People whose professional income is more than Rs 10 lakh.
People having a TDS or TCS greater than Rs 25,000.
People who will deposit 50 lakh or more in their saving banks account are eligible to pay the ITR.
To check further details, taxpayers should visit the official website of the Income Tax Department.
Types of ITR Forms: Which ITR Form Should Be Used by Salaried Employees?
The income tax return forms are of different types including ITR-1, ITR-2, ITR-3 and ITR-4. Each form is applicable for different taxpayers according to their income source as per the guidelines by Income Tax India. People should pay their taxes according to the forms they are applicable for. Filing wrong forms is called as defective return and the taxpayers will receive a notice from Income Tax India if they are eligible for defective return. As far as the ITR form to be filed by salaried employees exceeding Rs 50 lakh income is concerned, they have to file an ITR- 2 form.
To check all the details about the ITR filing, the types of ITR forms, how to file an ITR online, and documents required, taxpayers should visit the official website: incometaxindia.gov.in.
What is ITR -1 Form? Who Is Eligible
ITR-1 form is to be filed by taxpayers whose income for the financial year is not more than Rs 50 lakh.