ITR Filing for FY 2021–22 (AY 2022–23): Key Things to Keep in Mind As Income Tax Return Filing Deadline of July 31 Nears

The government is not considering extending the last date for filing Income Tax Return as it expects most returns to come in by the due date of July 31.

The last date to file Income Tax Return is July 31 which is Sunday. Sunday is a holiday which means that banks will be closed on that day for the public. However, salaried individuals should not wait till the last date and submit their returns before the deadline. Even if you miss the deadline, the government allows you to file ITR. It will be tagged as belated submission and the taxpayer will have to pay interest and a late fee for declaring return beyond July 31. A bank’s role is important for ITR filing. If online banking services are unavailable, then the taxpayers will have to visit the bank to pay income tax via challan.  ITR Filing for FY 2021–22 (AY 2022–23): From Claiming TDS Refunds to Loan Processing, Here Are 5 Important Benefits of Filing Income Tax Returns

How to File in Income Tax Returns:

• Log on to the Income Tax Department portal.
• Register using your Permanent Account Number (PAN); it will also serve as the user ID.
• Under the 'Download' section, go to e-filing under the relevant assessment year and select the appropriate Income Tax Return (ITR) form.
• If you are a salaried individual, download ITR-1 (Sahaj) return preparation software.
• Open the Return Preparation Software you have downloaded, and enter all details from your Form 16.
• Compute tax payable, pay tax and enter relevant challan details in the tax return.
• Confirm the details entered by you and generate an XML file. It will be automatically saved on your computer.
• Go to the 'Submit Return' section and upload the XML file.
• Sign the e-return digitally.
• The message of successful ITR filing will be shown on your screen. The acknowledgement form will be sent to your e-mail ID.

People with an annual income less than Rs 2.5 lakh are not mandatorily required to file the ITR. No penalty will be imposed on them if they do not file the return. ITR Filing for FY 2021–22 (AY 2022–23): Know Last Date to File Income Tax Return for Individuals, HUF, Firms And Penalty If You Miss Deadline

However, if the income exceeds Rs 2.5 lakh per annum, not filing the ITR can even land you in jail.

If you miss the deadline of July 31, 2022, you can still file the document by December 31, 2022. However, you will have to pay a late fee. If the yearly income exceeds Rs 5 lakh per annum, your late fees will be Rs 5,000. If the income is below Rs 5 lakh per annum, the late fee is Rs 1,000.

If there is an unpaid income tax after July 31, 2022, an interest of 1 per cent is applicable on the outstanding amount. This is irrespective of whether the tax amount was filed wrong mistakenly or not. The taxpayer will have to deposit the outstanding tax along with interest retrospectively from July 31. Also, if the outstanding tax is paid on or after the 5th of any month, the entire month's interest will have to be paid.

(The above story first appeared on LatestLY on Jul 27, 2022 12:20 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).