Taxpayers, who missed filing their ITRs by 31 July, can now file belated returns. However, belated ITR filing comes at a cost. Here are all details you need to know about the belated ITR filing for AY 2022-23. Read full story

Around 68 lakhs ITRs were filed on the Income Tax Return due date for AY 2022-23. “Statistics of Income Tax Returns filed today. 67,97,067 itrs have been filed upto 2300 hours today & 4,50,013 itrs filed in the last 1hr,” the Income tax department tweeted. Total 5.8 crore returns were filed till July 31, which was the last date of ITR filing for taxpayers whose accounts don’t need to be audited.

“If you miss filing your returns, you will have to not only pay the penalty of up to Rs 5,000 (up to Rs 1,000 for taxpayers with income below Rs 5 lakh), but also face other tax implications,” says Archit Gupta, CEO of Clear (formerly Cleartax).

“You will not be able to carry forward losses (other than house property loss), if any, incurred during the year. Also, you need to pay interest at 1% per month or part thereof on the outstanding tax liability,” he adds.

Taxpayers should know that there may be severe consequences for reporting wrong information in ITR. The taxpayer will have to pay heavy penalties for misreporting or underreporting income, say experts.

Around 44 lakhs ITRs have been filed till 6 pm today as taxpayers rush to file returns before the end of the due date today.

“Statistics of Income Tax Returns filed today. 43,99,038 itrs have been filed upto 1800 hours today & 5,17,030 itrs filed in the last 1hr,” the Income Tax department tweeted.

“It is essential to understand that the income tax return filing procedure is simple only in a few circumstances, say if you have only salary income from one employer and with all the details mentioned in your Form 16. You can straight away file your taxes using Form 16. But when multiple income sources are to be reported, or complex tax calculations are involved, it is not good to wait till the last minute,” says Archit Gupta, Founder & CEO of Clear (formerly ClearTax).

More than 33 lakhs ITRs were filed till 4 pm today. “Some statistics of Income Tax Returns filed today. 33,73,975 itrs have been filed upto 1600 hours today & 4,73,228 itrs filed in the last 1hr,” the Income tax Department tweeted.

“The taxpayers delay in filing their returns due to the non-availability or corrections in tax-related documents, for example, rectification in Form 16, loan statements not received from banks, accounting records not properly maintained, etc. Most taxpayers compute their income tax liability well before, but they wait for the due date to delay paying taxes or to take time to find ways to save more taxes,” says Archit Gupta, Founder & CEO of Clear (formerly ClearTax).

According to Income Tax rules, Income reflected in AIS and 26AS are based on information received from different sources and tax compliance made by different stakeholders. “These are made available to the Taxpayer for reference purpose. Taxpayer should check his book of records and provide information in the return as per the information available with him,” the Tax Department says in a document.

“If there is variation between the TDS/TCS or tax payments as provided in Form26AS and the TDS/TCS or tax payments provided in AIS, the Taxpayer may rely on the TDS/Tax payment information provided in 26AS for the purpose of filing of tax return and for computing Pre-paid Taxes,” it adds.

Taxpayers failing to file ITR for 2022-23 by July 31, 2022, may still file the returns by December 31, 2022, but will have to pay a fine along with interest on any unpaid taxes for the year 2021-22. “In case of failure to file ITR by the due date, you can file the belated return by 31st December 2022. A penalty of Rs. 5,000 is levied if the return is filed after the due date but before 31st December 2022,” says Deepak Jain, Chief Executive, TaxManager.in a tax e-Filing and Compliance Management Portal. Read full story

The Income Tax Department has issued helplines to support tax filers.

“Dear taxpayers/stakeholders, Our helplines are operational 24/7 today. Please contact us at the numbers below, if you need any assistance in e-filing of the ITRs,” the Tax Department tweeted.

If a non-resident person has income, which is taxable in India, the filing of an Income-tax return shall be done in accordance with provisions applicable in the case of the corresponding resident assessee. However, suppose a firm is deemed a fiscally transparent entity according to the provisions of DTAA signed between India and a foreign country (in which such firm is a resident). In that case, the return shall be filed in accordance with the status of the partner in that firm. (Source: Taxmann)

No separate ITR forms have been notified for filing of an updated return. A taxpayer is required to furnish an updated return in those ITR forms which were notified for the respective Assessment Year for which an updated return is to be furnished. Such an ITR form is to be filed along with the newly notified form ITR-U.

While overall, there are no major changes introduced this year, a few additional information is being sought from taxpayers in the new tax return forms. Red full story here

According to the Income Tax department, if the taxpayer is ‘Opting In’ 115BAC Tax Regime for the first time in A.Y. 2022-23, then Taxpayer having business income is required to file Form 10-IE and Ack. No. and Date of filing needs to be mentioned by selecting ‘Opting in Now’ option in ITR-3/4.

For changing tax regime, the department says: “In case Taxpayer had already opted New Tax Regime last year and filed Form 10-IE for A.Y. 2021-22 and Taxpayer wishes to opt out from the new tax regime for A.Y. 2022-23, he is required to file Form 10-IE this year for opting out of the New Regime and mention the filed Form 10-IE Ack. No. and Date of filing in ITR-3/4.”

Some experts think that the due date should not be permanently extended till August 31 or September 30. Doing so would lead to heavy traffic on the Income tax e-filing portal and taxpayers might end up facing more glitches while filing their returns. (Read full story)

More than 57 lakh ITRs were filed on Saturday (30 July) as taxpayers rushed to file their returns hoping no extension of due date this year.

“More than 5.10 crore ITRs have been filed till 30th July,2022. Over 57.51 lakh itrs were filed on 30th July,2022 itself,’ the Income Tax Department tweeted.

More than 5 crores ITRs were filed till a day before the end of the return filing deadline for AY 2022-23 today, according to the Income Tax department. On Saturday, the department said more than 45 lakh returns were filed. If you haven't filed your return yet then hurry up. The deadline ends today!