Alert! All taxpayers should pay their taxes before the last date to avoid penalties and other serious consequences. The last date of filing the ITR (income tax return) in India has to be scheduled for tomorrow, 31 July 2022. All the salaried employees and non-auditable taxpayers should mark the date and not forget to pay the tax befoe the deadline.
The Income Tax Department of India posted on official Twitter that the deadline for filling the ITR is 31 July 2022 and taxpayers should remember to file their ITR before the last date to avoid the consequences of missing it. Earlier, the taxpayers were expecting an extension in the deadline. However, the Income Tax India has made it clear that 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 (FY 2022-23): Last Date and Consequences of Missing the Deadline
The last date or deadline for filing the Income Tax Return in India is Sunday, 31 July 2022. Taxpayers must pay their taxes before the deadline to avoid serious consequences. According to the Income Tax India, violators will have to pay a penality of Rs 5,000 (Income more than 5 Lakhs) or Rs 1000 (Income less than 5000) and might be jailed also according to the section 234F of the Income-tax Act, 1961.
ITR Filing 2022: Important Points
All the taxpayers should know the below-mentioned important points:
Income Tax Forms: There are different types of income tax forms including ITR-1, ITR-2, ITR-3, and ITR-4. Each ITR form is applicable for different taxpayers. Please check the eligibility and other details on the official website, incometaxindiaefiling.gov.in.
Belated ITR: Tax that is paid after the deadline is referred to as the belated income tax return (ITR). Individuals eligible for belated ITR are considered offenders and are therefore penalized.
Documents Required for ITR Filing: Before filing for the ITR, taxpayers should keep the following documents handy:
Form 16 - For salaried employees.
Capital Gains Statement
Form 26AS
Deduction or Exemption Form
Bank Statement
Details of Foreign Assets including house property, bank accounts, and any other assets.
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