ITR Filing New Rules, 2022: Income Tax Updates

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:
  • “ITR filing for AY 2022-23 is available on e-filing portal.
  • Key Amendments / update to be kept in mind
  1. ITR can be e-verified immediately or within 120 days of filing using the methods listed on the website.
  2. The e-verification can be done through Aadhaar OTP, pre-validated bank account, pre-validated demat account or EVC generated through bank ATM.
  3. 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.
  4. 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.
  5. In case, Turnover, or income in the business is more than 60 lakhs, then the return will have to be filed.
  6. ITR has to be filed even if the income of the professional is more than Rs 10 lakh per annum.
  7. 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.
  8. Form 26A, Form 27BA, Form 10BD & Form 10BE are available on the income tax portal.
  9. 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.

Disclaimer:  Every effort has been made to avoid errors or omissions in this material. In spite of this, errors may creep in. Any mistake, error or discrepancy noted may be brought to our notice which shall be taken care of in the next edition. In no event the author shall be liable for any direct, indirect, special or incidental damage resulting from or arising out of or in connection with the use of this information.

6 thoughts on “ITR Filing New Rules, 2022: Income Tax Updates”

  1. Shrubabati Chakraborty

    While preparing IR return for fy(2021-2022), ay(2022-2023), I find in form 16A tax deposited and in form 26AS, there are huge difference. 16A show excess amount by heavy amount for a pensioner. How I would go about.
    Please help me. In no year it had happened like this.

  2. T V Krishnamurthy

    I find too much difference between TDS intimated by Mutual funds and 26AS.
    IT department has to correct it. AMCs should send annual statement of dividend and TDS. This may help in filing ITR.

  3. Itr forms be availble manually aswell &also taken in every dist.insteadof itr affidavit should be enough for those having less than 2lacs per annum or even lesser…..

  4. Fi x deposits maturity in one bank if transferred to another govt bank through cheque and newFD made through cheque ,why the 26AS partE is showing despite the fact that This is not an income .The interest taxable already taken care by bank through TDS. In 26AS only the interest which is taxable should have been shown in SFT05 and not the FD amount.
    The indication of principal amount in 26AS may induce corruption by harassing the taxpayer.
    Instead of showing the FD value which is reinvestment (not income) in another bank from maturity proceeds of FD of a bank ,only taxable interest was to be shown.
    Due to Falacious softwares and scope/ Avenue for harassment& corruption’s are created in SFT 05 transactions of 26AS. by the authority

    The software is not designed to avoid above problems but to harass.taxpayers.

  5. IT returns hard copies also should be accepted. Like the earlier days. Because ONLINE IT returns portal is very complicated. I worked on computers for 20 years, I know MS office but I find IT returns complicated, not user friendly, though my income is very simple as I am a pensioner. I know how to fill IT returns since I am filing then for more than 30 years.

  6. I am a sr citizen.while preparing for filing return ,I found that 16A forms given by banks and 26AS are not matching.
    26AS, AIS,TIS are not matching and full of errors. because interests& TDS by banks as per 16A are differing from 26AS
    How to proceed for itr filing, can anybody suggest?

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