It is important for taxpayers to understand that the ITR that is currently being filed is for the financial year 2021-22, i.e., for the income earned between April 1, 2021, and March 31, 2022.
The last date to file ITR is tomorrow, i.e., July 31 and many are hoping for extension of the due date. This due date is applicable for individuals whose accounts are not required to be audited. The government, however, has made it clear that there are no plans to extend the due date of filing ITR.
It is important for taxpayers to understand that the ITR that is currently being filed is for the financial year 2021-22, i.e., for the income earned between April 1, 2021, and March 31, 2022. The year in which an income tax return is being filed is called the assessment year for the previous year. The previous year is followed by the assessment year.
The financial year 2021-22 is the previous year in which income is earned. The assessment year or AY 2022-23 in which ITR is being filed for the financial year or FY 2021-22. Similarly, income which is being earned in the on-going financial year 2022-23 will be reported in next year’s ITR, i.e., the assessment year 2023-23.
So, the last date for filing ITR for FY 2022-23 (AY 2024-23) is July 31, 2023, as per the income tax laws.
How to file ITR for FY 2021-22 (AY 2022-23)
To start the process of filing ITR, you must first ascertain whether your total income (before claiming any deductions) exceeds the exemption limit.
For individuals below 60 years of age, the exemption limit is up to Rs 2.5 lakh irrespective of whether you opt for new income tax regime or old one. If the total income exceeds Rs 2.5 lakh, then you have to mandatorily file ITR.
The next step would be to collect the required documents for ITR filing. This includes various TDS certificates such as Form 16 (from your employer), Form 16A (from banks), interest certificates, capital gains statement etc.
After collecting all the required documents, you must select the ITR form which is applicable to your income sources. After that you can file your income tax return online on the new e-filing income tax portal. After filing the ITR, remember to verify it as well. If the process of verification is missed, then ITR will not be taken up for processing. Further, the income tax department will assume that you have not filed the ITR.
Consequences of missing ITR filing deadline
If an individual misses the due date of filing ITR for FY 2021-22 (AY 2022-23) i.e., July 31, 2022, then there are monetary and non-monetary consequences as well. Filing ITR after the due date (belated ITR) will invite a late filing fee of up to Rs 5,000. Further, penal interest will be levied as well if there are any tax dues.
In case of belated ITR, an individual cannot carry forward losses (except in case of income from house property).
- Front Page
- Pure Politics
- Companies: Pursuit o…
- Economy: Macro, Micr…
(Your legal guide on estate planning, inheritance, will and more.)
Download The Economic Times News App to get Daily Market Updates & Live Business News.
ETPrime stories of the day