The new concept of updated ITR was introduced in Union Budget 2022. The new provision allows taxpayers to rectify errors or omissions on their ITRs within two years of filing the returns, albeit with payment of additional taxes.
How To File ITR?
Every salaried individual whose pay exceeds a specific income slab is required to pay tax to the government annually. Income tax is imposed based on a slab system, which means, different tax rates are applicable to different income ranges. Tax rates keep rising with an increase in a taxpayer’s income. Since the majority of earning individuals file the ITR-1 form, it is important for them to know about the essential documents they must keep handy during the ITR filing.
How To File Income Tax Return In Partially Online And Partially Offline Mode
In order to file income tax returns through the ITR-1 form in a partially online and partially offline mode, the taxpayer needs to download the pre-filled JASON file and use the JSON utility to fill in one’s income details for FY22. After this, the taxpayer needs to upload the filled JASON form on the income tax e-filing portal – incometax.gov.in – to complete the ITR filing process.
The last date for ITR filing and revised ITR filing is same i.e. 31st December 2022.
Time limit for verification of ITRs filed before July 31
For returns filed before July 31, the time limit for verification of ITR is up to 120 days from the date of filing. However, the tax department reduced it to 30 days from the date of filing if the return is filed on or after 1 August.