Tax returns must be filed by July 31 if they are not required to be audited by the IRS for individuals or salaried employees.
The last date to file an ITR for HUF is 2022
Income Tax Rules also stipulate that Hindu Undivided Families (HUF) must file their ITR by July 31 even if their accounts do not need to be audited.
You may also be interested in: Why you should file your ITR as early as possible?
Taxpayers who need to audit their accounts have until the deadline to file their ITRs
In cases where taxpayers’ accounts need to be audited, they will be provided extended time to file their ITRs. Those taxpayers’ ITRs are due on October 31, 2022 (unless the government extends it).
Companies, partners in a firm, or individuals who are required to have their accounts audited are among these taxpayers.
Taxpayers who are required to file ITRs under Section 92E have until this date to file
In the event that the taxpayer has undertaken international transactions during the fiscal year, the taxpayer must submit a report under Section 92E. The deadline for filing an ITR for such taxpayers is November 30, 2022.
Penalty for ITRs filed late
If you file your income tax return after July 31, you have to pay a late filing fee. Section 234F of the Income Tax Act charges a late filing fee of Rs 5000. However, if you have less than Rs 5 lakh in taxable income per year, there is a penalty of Rs 1000.
It is also possible that taxpayers may be charged interest penalties under Section 234A of the Income Tax Act 1961 if they file an ITR after the due date. Individuals are subject to interest penalties if they pay self-assessment tax dues after July 31. If advance tax dues are paid, they may also be subject to interest penalties under Sections 234B and 234C.
Filing deadline for belated ITRs
In 2022, the last day for filing a belated Income Tax return is 31 December.
As of now, the Indian Government has not announced an extension of the deadline for filing ITRs, so taxpayers must file their returns by July 31, October 31, or November 30.
How to file an ITR
For AY 2022-2023, taxpayers can file their ITR on the Income Tax site (https://incometaxindia.gov.in). They can also seek help from tax professionals, such as CAs. There are some online platforms that allow taxpayers to file their ITR online.
Frequently Asked Questions
- At what point does tax get deducted at the source?
Tax deduction at the point of income generation is incorporated into the Income-tax Law to ensure quick and efficient collection of taxes. Known as “Tax Deducted at Source”, this system is based on the deduction of taxes at source. The payer deducts tax at the source of the income and remits it to the Government on behalf of the payee.
In addition to salary, interest, commission, brokerage, professional fees, royalty payments, contract payments, and so on, the deduction of tax at source provisions applies to any payments. When the TDS provisions apply to payments, the payer must deduct tax at source from the payments he makes, and he must deposit the tax deducted to the Government’s credit.
- Are there any individuals who need to file Form 15CA?
Those who owe a tax under the provisions of the Income Tax Act, 1961 to a non-resident, not a company, or a foreign company, are required to furnish the following information in Form 15CA and Form 15CB:
- Form No.15CA, Part A, should be filled out if the payment or aggregate payments made during the financial year do not exceed Rs. 5 lakhs.
- Upon receipt of a payment exceeding Rs. 5 lakh, Part B of Form No. must contain such information. 15CA must be obtained by the Assessing Officer following the acquisition of a certificate under section 197 or an order under section 195 (2) or (3).