ITR filing for AY 22-23: The due date for income tax return (ITR) filing for the financial year 2021-22 or for the assessment year (AY) 2022-23 is fast approaching. Salaried and other earning individuals are advised to file their respective ITRs on time otherwise they might have to pay penalty up to ₹5,000. They penalty will be charged in the form of late fee that a taxpayer will have to pay if they fail to file their ITR by given due date of 31st July 20222.
On what if a taxpayer fails to file income tax return or ITR by the due date of 31st July 2022, Mumbai-based tax and investment expert Balwant Jain said, "If a taxpayer fails to file its ITR by given due date of 31st July 2022, then in that case the taxpayer will be able to file its income tax return after paying a late fine. The late fee would be ₹1,000 if the taxable income of the taxpayer is ₹5 lakh or less than ₹5 lakh. However, the late fee would be flat ₹5,000 if the taxable income of the taxpayer is more than ₹5 lakh."
Advising taxpayers to file income tax before the due date, SEBI registered tax and investment expert Jitendra Solanki said, "If an earning individual files ITR before 31st July 2022, he or she will be able to revise its ITR in case of finding any error. However, filing IR after due date won't allow taxpayer to edit or revise its income tax return."
SEBI registered tax and investment expert went on to add that ₹5,000 late fee may become ₹10,000 if the taxpayer fails to file its ITR for AY 2022-23 or FY2021-22 by 31st December 2022. He said that late fee of ₹5,000 is applicable only when the taxpayer files one's ITR after 31st July 2022 but before 31st December 2022. However, he said that maximum late fee for a taxpayer whose taxable income is ₹5 lakh or below ₹5 lakh is ₹1,000.
