ITR submitting for AY 22-23: Know final date and penalty in the event you miss deadline

ITR submitting for AY 22-23: The due date for revenue tax return (ITR) submitting for the monetary yr 2021-22 or for the evaluation yr (AY) 2022-23 is quick approaching. Salaried and different incomes people are suggested to file their respective ITRs on time in any other case they may must pay penalty as much as ₹5,000. They penalty will likely be charged within the type of late charge {that a} taxpayer should pay in the event that they fail to file their ITR by given due date of thirty first July 20222.

Late charge on ITR submitting after due date

On what if a taxpayer fails to file revenue tax return or ITR by the due date of thirty first July 2022, Mumbai-based tax and funding knowledgeable Balwant Jain mentioned, “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 revenue tax earlier than the due date, SEBI registered tax and funding knowledgeable Jitendra Solanki mentioned, “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.”

Provision for rise in late charge

SEBI registered tax and funding knowledgeable went on so as to add that ₹5,000 late charge could grow to be ₹10,000 if the taxpayer fails to file its ITR for AY 2022-23 or FY2021-22 by thirty first December 2022. He mentioned that late charge of ₹5,000 is relevant solely when the taxpayer recordsdata one’s ITR after thirty first July 2022 however earlier than thirty first December 2022. However, he mentioned that most late charge for a taxpayer whose taxable revenue is ₹5 lakh or beneath ₹5 lakh is ₹1,000.

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