ITR Filing Deadline for FY 2021–2022 (AY 2022-23)
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The income tax return i.e., ITR filing deadline for the fiscal years 2021–2022 and assessment years 2022–2023 is July 31 if you are an earning individual. It is best to file your paperwork as soon as possible to avoid last-minute complications.
For tax return filers’ convenience, the Income-Tax (I-T) Department offers pre-filled forms. However, taxpayers should double-check each field on the pre-filled form and keep any supporting documentation close at hand when submitting the return.
ITR filing deadline 2022: Last day to submit an income tax return for individuals, HUFs, and businesses, including details on late fees.
The 2022 ITR filing deadline is approaching. It is crucial that every taxpayer submits their ITR before the deadline. A fine in the form of a late filing charge is assessed for failure to do so. For the majority of taxpayers, the deadline to submit an ITR for the fiscal year 2021–2022 is July 31. It is important to be aware that various taxpayer classes have varied ITR deadlines or due dates. Continue reading to learn when and where to file income tax returns for various taxpayer categories, as well as what will happen if someone misses the deadline.
For salaried people, the ITR filing deadline 2022
For salaried employees and individuals whose accounts do not need to be audited, the deadline for ITR filing is July 31.
ITR filing last date 2022 for HUF
According to the Income Tax Rules, the last date to file an ITR for Hindu Undivided Families (HUF) whose accounts don’t need to be audited is also July 31.
The due date for ITR filing for taxpayers whose accounts must be audited
Some taxpayers’ accounts require an audit. These taxpayers are given more time to submit their ITRs. Such taxpayers must file their ITRs by October 31, 2022. (Unless extended by the government).
A corporation, a working partner of a firm, an individual, and other entities like a proprietorship, firm, etc. that must have their accounts audited are included among these taxpayers.
The due date for ITRs for taxpayers required to file under Section 92E
When taxpayers engage in overseas transactions within the applicable financial year, Section 92E requires them to file a report. Such taxpayers have until November 30, 2022, to file their ITRs.
What if you failed to submit the return by the deadline?
A delayed return can be filed after the initial return of income filing deadline if the original deadline is missed. The income tax division also stipulates the deadline for submitting the late return. This deadline has been pushed back three months until the conclusion of the assessment year (unless extended by the government).
However, there would be a Rs. 5,000 fine assessed for filing returns late. However, the cost is only up to Rs 1,000 if the person’s total income is less than Rs 5 lakh.
What benefits does filing ITR before the deadline offered?
When you submit ITRs on time, you gain a lot of benefits as well as the reputation of being a responsible member of the nation. These advantages include some of the following:
- Your chances of obtaining a car loan, a home loan, and other loans increase if you file your income tax returns on time.
- You will get your returns as soon as possible if you file your ITR on time.
3.ITRs can be used to prove a person’s address and income, which are both necessary when requesting a loan or visa.
- When applying for a visa, the majority of consulates and embassies need you to provide copies of your income tax records for the past two years.
- Taxpayers must pay their taxes before they may submit an ITR. In accordance with Section 234A, interest must be paid at a rate of 1% per month starting on the tax payment due date and extending until the payment date. If you submit your tax return on time, you might avoid having to pay extra interest. As a result, your tax burden will increase the longer you put off paying taxes and filing returns.
