Income Tax Return (ITR) is a form which a person is supposed to submit to the Income Tax Department of India. It contains information about the person’s income and the taxes to be paid on it during the year. Various forms are ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6 and ITR 7. When you file a belated return, you are not allowed to carry forward certain losses.
- Due Date for filing ITR for this year:
- The due date for filing Income Tax Returns is 31st July, 2022.
- Portal to file their returns: www.incometax.gov.in/iec/foportal.
- “ITR filing for AY 2022-23 is available on e-filing portal.
- Key Amendments / update to be kept in mind
- ITR can be e-verified immediately or within 120 days of filing using the methods listed on the website.
- The e-verification can be done through Aadhaar OTP, pre-validated bank account, pre-validated demat account or EVC generated through bank ATM.
- In case ITR filing is in complete in one session, then we need to save the draft of ITR form. Further, the ITR website will hold the draft for 30 days from the date of saving or till you file the return.
- If the amount of TDS and TCS exceeds Rs 25000 in a year then Income Tax Return (ITR) has to be filed. However, the limit of TDS + TCS has been kept at Rs 50,000 for taxpayers who are 60 years or more.
- In case, Turnover, or income in the business is more than 60 lakhs, then the return will have to be filed.
- ITR has to be filed even if the income of the professional is more than Rs 10 lakh per annum.
- The new notification also said that if the amount deposited in the bank savings account is 50 lakh or more in 1 year, then such depositors will also have to file their tax returns.
- Form 26A, Form 27BA, Form 10BD & Form 10BE are available on the income tax portal.
- On 20.04.2022: announcement was made via Income Tax Portal that UDIN update functionality is enabled for Forms filed from June 2021 onwards.
- Penalty, if ITR not Filed:
- Rs.5000 if ITR is reported before 31st December of the Assessment Year, Rs.10,000 if ITR is reported after 31st December but before 31st March of the Assessment Year
- Income tax department can launch prosecution against you for non-filing of ITR.
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