Income tax return filing date for ay 2022-23

Income tax is a significant source of revenue for governments worldwide, including contributing to the funding of various welfare programs and public services. It is classified as a direct tax because individuals and entities that earn a taxable income are obligated to pay their taxes directly to the government. The ITR filing due date for FY 2022-23 (AY 2023-24) is 31st July 2023. ITR filing on the due date is essential to comply with tax laws, avoid penalties, claim timely refunds, maintain accurate financial records, and facilitate financial transactions. It is advisable to prioritize timely filing to stay in line with regulatory requirements and avoid unnecessary complications. Section 234A and Section 234F of the Income Tax Act pertain to penalty provisions related to the late filing of income tax returns. It is worth noting that the central government has the authority to extend the due dates for income tax return filing. The ITR filing due date for FY 2022-23 (AY 2023-24) is 31st July 2023. Avoid paying penalty later and file your return on time. An Income Tax Return (ITR) is a form or document that individuals, businesses, and other entities use to report their annual income, deductions, exemptions, and tax liabilities to the tax authorities. It is a declaration of their taxable income and the taxes they owe or are eligible to receive as a refund. The Income Tax Return serves as a means for taxpayers to provide comprehensive information about their financial transa...

The due date of Income Tax Return filing for Assessment Year 2022-23 ended yesterday. More than 5.8 crore returns were filed till July 31, which was the 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 belated ITR filing for AY 2022-23. Your queries: Income Tax; Chosen new tax regime? You can continue with PPF Belated ITR filing penalty According to the Income Tax rules, the penalty for belated ITR filing could be up to Rs 5,000. However, for taxpayers whose total income is not more than Rs 5 lakh in a financial year, the maximum penalty for the delay is Rs 1000. Late filing leads to interest under Section 234A, late filing fees under Section 234F, etc. Moreover, set off and carry forward of losses (except house property loss) and claiming certain deductions under Chapter VI-A will not be allowed in case of belated ITR filing. “We should never delay the filing of the income tax return. The first major consequence of late filing is penalty. One needs to pay a penalty for filing a belated return. Secondly, if there is tax to be paid, you will be charged interest @1% per month after the end of the due date till you pay taxes and file ITR. Thirdly, one cannot carry forward losses. Lastly, late filing of ITR will result in late processing and your refund, if any, will get further delayed,” says Sujit Bangar, Founder,of Taxbbuddy. “If you miss filing your ret...

If you have missed filing the income tax return (ITR) for the FY 2021-22 (AY 2022-23) before the last date of July 31, 2022, it can now cost you even if you do not have any taxes to pay. Throughout the month of July, the Income-Tax (I-T) Department urged taxpayers and issued them continuous reminders through various platforms such as emails, SMS, social media, etc. to file their ITRs at the earliest and not wait for the due date. Till FY 2019-20 if a taxpayer missed the ITR filing deadline, the maximum penalty he/she would have had to incur was Rs 10,000. However, with effect from last year i.e., FY 2020-21 and AY 2021-22, the penalty amount has been reduced by half and now a taxpayer filing the belated ITR (after the last date) will have to pay a maximum penalty of up to Rs 5,000. Additionally, if your income is less than the taxable limit then you would not even have to pay the penalty amount if you file your ITR after the deadline subject to certain exceptions. Also Read: Also Read: • What happens if a taxpayer misses the ITR deadline? Since the government made it clear this year that the last date will not be extended, anyone missing the July 31 deadline may file the belated ITR with a late fee of up to Rs 5,000 by December 31, 2022. According to the Income Tax Act's section 234F, filing the ITR after the due date can attract a late fee of Rs 5,000 for people having an annual income of over Rs 5 lakh if they file their ITR by December 31 of the assessment year. This ca...

By India Today Information Desk: An income tax return is basically a document that is filed as per the provisions of the Income Tax Act, reporting one’s income, profits and losses, and other deductions as well as details about a tax refund or tax liability. The Income Tax Return (ITR) filing deadline for the financial year 2022-23 (assessment 2023-24) is July 31, 2023. Companies, except those claiming exemption under section 11 due to their income from the property being held for charitable or religious purposes, are required to submit their income tax return using the ITR-6 Form. If any of the aforementioned conditions apply to you, it is mandatory to file your income tax returns (ITR) in India. According to the Income Tax Department's website, the penalty for submitting ITRs on or before December 31 is Rs 5,000, which doubles for filings made after that date. However, if your taxable income is below Rs 5 lakh, the maximum penalty will be Rs 1,000. Conversely, if the tax evaded exceeds Rs 25 lakh, the punishment could range from 6 months to 7 years. ITR FORM 6: WHO IS ELIGIBLE TO USE THIS RETURN FORM This Return Form is applicable to companies, as defined under section 2(17) of the Income Tax Act, except for companies that are required to file their returns using Form ITR-7. This form is to be filed by any Indian company (referred to as a Domestic Company) or a corporate body incorporated under the laws of a country outside India. It is also applicable to any institution,...

ITR Filing Status 2022 (30th July): The total number of income tax returns filed for AY 2022-23 is 4.52 crores as on 29th July, according to the latest data available on the official Income Tax e-filing website. As many as 3.41 crore returns have been verified by filers while the Tax Department has processed 2.61 crores of verified ITRs. ( The total number of income tax returns filed for AY 2022-23 till 28th July was 4.09 crore. Of these, as many as 3.15 crore returns were verified by filers while the Tax Department had processed 2.41 crores of the verified returns. The total number of income tax returns filed for AY 2022-23 was 3.73 crores as on 27th July. Of these, 2.93 crore returns were verified by filers while the tax department has processed 2.18 crores of verified ITRs.Till 26th July, the total number of income tax returns filed for AY 2022-23 was 3.4 crore and 2.71 crore returns were verified by filers while the tax department had processed 1.97 crores of verified ITRs. New Tax Regime Calculator 2023-24: How much tax you will have to pay on Rs 9 to Rs 15 lakh income According to the Income Tax department, more than 6.63 crores ITRs were filed for AY 2021-2022 till 15th March 2022, including corporates and other taxpayers whose accounts needed to be audited. “Of the total ITRs filed for AY 2021-22, 3.03 crore returns in ITR-1, 57.2 lakh in ITR-2, 1.02 crore in ITR-3, 1.75 crore in ITR-4, 15.1 lakh in ITR-5 9.3 lakh in ITR-6 and 2.18 lakh in ITR-7, according to the T...

• Home • Karnataka Election 2023 • Budget 2023 • Market • Indices • Nifty 50 • Sensex • CaFE Invest • Commodities • IPO NEWS • Investing Abroad • IPOs • Economy • Tech • Auto • SME • Mobility • Industry • Banking & Finance • Education • Money • Insurance • Income Tax • Mutual Funds • Blockchain • Infrastructure • Railways • Aviation • Roadways • India • Defence • Lifestyle • Travel & Tourism • Health • Science • Healthcare • Brand Wagon • Entertainment • Events • Jobs • Sports • IPL 2023 • Multimedia • Photos • Videos • Audio • Web Stories • Auto Web Stories • Infographics • ePaper • Today’s Paper • From The Print • International • Edits & Columns • Opinion • FE 360 • Politics • Economy • Personal Finance Print • Front Page • FE Insight • Fe@Campus • archive The due date of Income Tax Return filing for Assessment Year 2022-23 ended yesterday. More than 5.8 crore returns were filed till July 31, which was the 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 belated ITR filing for AY 2022-23. Your queries: Income Tax; Chosen new tax regime? You can continue with PPF Belated ITR filing penalty According to the Income Tax rules, the penalty for belated ITR filing could be up to Rs 5,000. However, for taxpayers whose total income is not more than Rs 5 lakh in a financial year, the maximum penalty for the delay is Rs 1000. Late filing leads to interest under ...

Income tax is a significant source of revenue for governments worldwide, including contributing to the funding of various welfare programs and public services. It is classified as a direct tax because individuals and entities that earn a taxable income are obligated to pay their taxes directly to the government. The ITR filing due date for FY 2022-23 (AY 2023-24) is 31st July 2023. ITR filing on the due date is essential to comply with tax laws, avoid penalties, claim timely refunds, maintain accurate financial records, and facilitate financial transactions. It is advisable to prioritize timely filing to stay in line with regulatory requirements and avoid unnecessary complications. Section 234A and Section 234F of the Income Tax Act pertain to penalty provisions related to the late filing of income tax returns. It is worth noting that the central government has the authority to extend the due dates for income tax return filing. The ITR filing due date for FY 2022-23 (AY 2023-24) is 31st July 2023. Avoid paying penalty later and file your return on time. An Income Tax Return (ITR) is a form or document that individuals, businesses, and other entities use to report their annual income, deductions, exemptions, and tax liabilities to the tax authorities. It is a declaration of their taxable income and the taxes they owe or are eligible to receive as a refund. The Income Tax Return serves as a means for taxpayers to provide comprehensive information about their financial transa...

If you have missed filing the income tax return (ITR) for the FY 2021-22 (AY 2022-23) before the last date of July 31, 2022, it can now cost you even if you do not have any taxes to pay. Throughout the month of July, the Income-Tax (I-T) Department urged taxpayers and issued them continuous reminders through various platforms such as emails, SMS, social media, etc. to file their ITRs at the earliest and not wait for the due date. Till FY 2019-20 if a taxpayer missed the ITR filing deadline, the maximum penalty he/she would have had to incur was Rs 10,000. However, with effect from last year i.e., FY 2020-21 and AY 2021-22, the penalty amount has been reduced by half and now a taxpayer filing the belated ITR (after the last date) will have to pay a maximum penalty of up to Rs 5,000. Additionally, if your income is less than the taxable limit then you would not even have to pay the penalty amount if you file your ITR after the deadline subject to certain exceptions. Also Read: Also Read: • What happens if a taxpayer misses the ITR deadline? Since the government made it clear this year that the last date will not be extended, anyone missing the July 31 deadline may file the belated ITR with a late fee of up to Rs 5,000 by December 31, 2022. According to the Income Tax Act's section 234F, filing the ITR after the due date can attract a late fee of Rs 5,000 for people having an annual income of over Rs 5 lakh if they file their ITR by December 31 of the assessment year. This ca...

By India Today Information Desk: An income tax return is basically a document that is filed as per the provisions of the Income Tax Act, reporting one’s income, profits and losses, and other deductions as well as details about a tax refund or tax liability. The Income Tax Return (ITR) filing deadline for the financial year 2022-23 (assessment 2023-24) is July 31, 2023. Companies, except those claiming exemption under section 11 due to their income from the property being held for charitable or religious purposes, are required to submit their income tax return using the ITR-6 Form. If any of the aforementioned conditions apply to you, it is mandatory to file your income tax returns (ITR) in India. According to the Income Tax Department's website, the penalty for submitting ITRs on or before December 31 is Rs 5,000, which doubles for filings made after that date. However, if your taxable income is below Rs 5 lakh, the maximum penalty will be Rs 1,000. Conversely, if the tax evaded exceeds Rs 25 lakh, the punishment could range from 6 months to 7 years. ITR FORM 6: WHO IS ELIGIBLE TO USE THIS RETURN FORM This Return Form is applicable to companies, as defined under section 2(17) of the Income Tax Act, except for companies that are required to file their returns using Form ITR-7. This form is to be filed by any Indian company (referred to as a Domestic Company) or a corporate body incorporated under the laws of a country outside India. It is also applicable to any institution,...

ITR Filing Status 2022 (30th July): The total number of income tax returns filed for AY 2022-23 is 4.52 crores as on 29th July, according to the latest data available on the official Income Tax e-filing website. As many as 3.41 crore returns have been verified by filers while the Tax Department has processed 2.61 crores of verified ITRs. ( The total number of income tax returns filed for AY 2022-23 till 28th July was 4.09 crore. Of these, as many as 3.15 crore returns were verified by filers while the Tax Department had processed 2.41 crores of the verified returns. The total number of income tax returns filed for AY 2022-23 was 3.73 crores as on 27th July. Of these, 2.93 crore returns were verified by filers while the tax department has processed 2.18 crores of verified ITRs.Till 26th July, the total number of income tax returns filed for AY 2022-23 was 3.4 crore and 2.71 crore returns were verified by filers while the tax department had processed 1.97 crores of verified ITRs. New Tax Regime Calculator 2023-24: How much tax you will have to pay on Rs 9 to Rs 15 lakh income According to the Income Tax department, more than 6.63 crores ITRs were filed for AY 2021-2022 till 15th March 2022, including corporates and other taxpayers whose accounts needed to be audited. “Of the total ITRs filed for AY 2021-22, 3.03 crore returns in ITR-1, 57.2 lakh in ITR-2, 1.02 crore in ITR-3, 1.75 crore in ITR-4, 15.1 lakh in ITR-5 9.3 lakh in ITR-6 and 2.18 lakh in ITR-7, according to the T...