Need Tally
for Clients?

Contact Us! Here

  Tally Auditor

License (Renewal)
  Tally Gold

License Renewal

  Tally Silver

License Renewal
  Tally Silver

New Licence
  Tally Gold

New Licence
Open DEMAT Account with in 24 Hrs and start investing now!
Direct Tax »
Open DEMAT Account in 24 hrs
 ITR filing Know the last date for filing income tax return for ongoing fiscal year (AY 2023-24)
 What to do if you have missed income tax return filing deadline of July 31
 ITR Filing AY 2022-23 Last Date Highlights Without Due Date Extension, 5.82 crore Income Tax Returns filed
 ITR FY 2021-22 filing deadline ends: What if you have not filed income tax return by July 31?
 More than 30 mn income tax return filed till date for FY 2021-22: I-T dept
 Increase time gap between filing of TDS and I-T returns, say tax experts
 ITR: Know income tax return form applicable to you, penalty for missing the deadline
  Four ways to file income tax return ITR filing
 CBDT observes 163rd anniversary of Income Tax
 What is TDS refund? All details and step-by-step guide to claim it Income tax return
 Know last date and penalty if you miss deadline ITR filing for AY 22-23
 How to calculate taxable income for FY 2021-22 to file income tax return (ITR)

Know last date and penalty if you miss deadline ITR filing for AY 22-23
July, 14th 2022

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.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2022 CAinINDIA All Right Reserved.
Designed and Developed by Ritz Consulting