If you miss the 31 July deadline, you can still file your tax returns till 31 December this year but with a late fee. Rs 1,000 for taxpayers whose annual income is up to Rs 5 lakh. If their income is over Rs 5 lakh, taxpayers will have to pay Rs 5,000
The due date for filing your Income Tax Return (ITR) for the assessment year 2022-23 is 31 July. All taxpayers need to submit their ITR before the deadline to avoid late fees. To start the process individuals can visit the Income Tax Department’s website at- incometax.gov.in/iec/foportal. The Centre has asserted that it will not extend the ITR submission deadline.
What are the benefits of filing ITR on time?
Your tax returns are used as proof of income by several organisations including banks and life insurance companies for any loans and insurance policies. Consulates of several countries also ask for your financial details including your tax receipts as proof that you have a legitimate source of income in the country.
You will not be eligible to receive ITR refunds if you do not file your tax return on time. Even if you are below the Rs 2.5 lakh threshold of annual income, filing the ITR is important if you pay tax deducted at source (TDS) in your income.
What happens if you do not file your ITR on time?
If you miss the 31 July deadline, you can still file your tax returns till 31 December this year. However, you will have to pay a late fee for the same. Taxpayers whose annual income is up to Rs 5 lakh, if have to pay Rs 1,000. If their income is over Rs 5 lakh, taxpayers will have to pay Rs 5,000 as late fee. They will also have to pay interest on the late payment of taxes.
If your gross income is less than the basic exemption limit, you will not be fined for late filing of ITR.
It is to be noted that if the late filing is not done by 31 December 2022, you will not be able to voluntarily file your ITR for the assessment year 2022-23. In this case, the Income Tax Department will notify you of what is to be done as and when it gets to your tax details that are available.
Steps to file ITR:
- Visit the Income Tax Department’s website- https://www.incometax.gov.in/iec/foportal.
- Login to the e-filing portal using your registration details.
- On your dashboard, select the option to file your ITR.
- Select the current assessment year (AY) 2022-23.
- Choose your mode of filing and the ITR form applicable to you to proceed.
- Review your pre-filled data and edit if needed.
- Enter your income and deductions and check if there is any tax liability.
- Preview and make any changes, if needed. Pay your due taxes.
- Proceed to the validation section and complete the e-verification process.
- Once that is completed, you will receive a message on your registered phone number.
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