Income Tax Return Filing : Late returns for assessment year 2022-23 (FY 2021-22) can be filed by 31 December 2022. You would know that last day to file Income Tax Return ie ITR was 31st July. There are some taxpayers who can still file return without penalty.
No penalty will have to be paid
According to the Income Tax Department website, people whose accounts are yet to be audited, they can file returns by 31 October 2022. If any corporate-assembly or non-corporate assessee whose accounts are to be audited has not done any international or specific domestic transactions in the financial year 2021-22, then they can file the return by 31 October 2022.
Exemption to Partners of the Firm
Notify you that there is a requirement to file returns for partners of a firm whose accounts are to be audited or partners to whom the provisions of section 5A apply. The due date is 31 October 2022. According to the Income Tax Department, Section 5-A is applicable to such individuals who are covered under the Portugal Civil Code and this code is applicable only in Goa, Daman and Diu and Dadra and Nagar Haveli.
So much is the penalty
Under Section 234-F of the Income Tax Act, a fine of Rs 5 thousand is being imposed for late submission of ITR. Also penalty has to be paid. On the other hand, if the taxable income is less than Rs 5 lakh, then the amount of penalty is Rs 1000.
Take care of these things
- To ensure that there is no problem with the refund, fill the correct bank account details and it should be pre-validated.
- Make sure to match Form 25AS, AIC/TIS.
- Be sure to check last year’s ITR form for any carry forward loss.
- Be sure to compare what is better in your case between the old and the new tax system.
- After filing the ITR, it must be e-verified within 120 days because otherwise the filing is not valid.
- Choose the correct ITR form according to your income so as not to get wrong return notice.
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