The deadline to file an income tax return (ITR) will not be extended

The deadline to file an income tax return (ITR) will not be extended

The deadline to file an income tax return (ITR) is July 31, and the government does not want to extend this deadline any further. Taxpayers must file their ITR by the due date to avoid penalties or other legal consequences. Over the past two fiscal years, the government has extended the deadline for filing ITRs to facilitate compliance for taxpayers struggling with the Covid-19 pandemic.

However, the situation is different this year as the Center has no plans to extend the deadline, a step that will be taken for the first time in three years. “So far there has been no discussion about extending the application deadline,” Revenue Minister Tarun Bajaj said last week. 

Here’s your 5-point sheet for this amazing story:

1. Consistent with Income Tax (I-T) rules, the deadline for filing ITR taxes for individual taxpayers – who do not need to have their accounts audited – is July 31 of the following year.
2. The Revenue Secretary said that taxpayers have said the form has become very easy to fill out and that returns are also quick. The IRS has launched a new I-T filing portal, which it says is “currently very robust to handle the increased load.”
3. “During the last day of declarations, we had over 50 lakh (last day of declarations). This time I told my people to get ready for 1 crore (the declaration is filed on the last day),” added Mr Bajaj.
4. During the last fiscal year 2020-21 (FY21), approximately 5.89 crore ITR was deposited before the renewal deadline of December 31, 2021. Through the ITR, one will file with the Department of Taxation. enter India. It contains information about the person’s income and taxes payable in a given financial year.
5. If an individual’s income exceeds the exempt limit, he/she must file a tax return. Under the new tax regime, the tax-free limit is set at 2.5 lakh Yen. Under the old regime, the exemption limit was ₹2.5 lakh for those under 60 years old; ₹ 30,000 for people aged 60-80 (elderly); and ₹5 lakh for people over 80 years old (super seniors).

 The government is not considering extending the deadline for filing tax returns as it expects most tax returns to arrive by the July 31 due date, a senior official said on Friday. Revenue Minister Tarun Bajaj said more than 2.3 million tax returns were filed as of July 20 for the 2021-22 financial year and the number is growing.

In the most recent financial year (2020-21), approximately 5.89 million ITRs (income tax returns) were submitted by the extension date of December 31, 2021. This would easily increase from 25,000 to 30,000 returns, “he told PTI. 

 “Last time 9-10% was submitted yesterday. Last time it was over 500,000 rupees (the declaration was submitted on the last day). This time I gave the public 100 million rupees (submitted on the last day). I told him that the tax return) was ready, “he said.

Audited, July 31st of the next financial year people must apply to the Indian Income Tax Office via ITR. It contains information about the person’s income and the taxes payable to it during the year.

Collection of documents

 Taxpayers are rushing to file their tax returns as the deadline for filing tax returns approaches. If you have all the documents you need, the entire process will be completed in less than 30 minutes. These steps will help you prepare an error-free ITR and ensure smooth transmission.

The Income Tax Department provides seven types of ITR forms, the scope of which depends on the type and amount of income and the type of taxpayer. The Tax Office’s new income tax registration portal has become extremely robust to handle the increasing burden.

In the meantime, he says, there are no plans to extend the deadline for filing final documents. Bajaj said that the feedback from taxpayers has made it much easier to file tax returns and refunds have been made in a very short time.

 When some complained about the difficulty of filing a tax return, 2.3 million said they had already filed a tax return without filing.

 ” A total of 200,000 rupees used to be submitted by 50,000 people each day, but that number has now increased to 50,000. To the Covid Pandemic, he is confident that returns will rise and people will submit returns in the next few days. ” The deadline for submitting an ITR for the 2021/22 fiscal year is July 31, 2022.

 The ITR filing deadline for the 2022-23 evaluation year may not be extended Last week, more than 2.3 million income tax returns were filed by July 20 of the 2021-22 fiscal year, and the government submitted the ITR.

We are not considering extending the deadline in the financial year of 2022-23.

The valuation year for the 2021-22 fiscal year is 2022-23, as the income tax return (ITR) submission is related to the previous year’s income. Taxpayers who do not file an ITR for 2022-23 by 31 July 2022 will be able to file a declaration by 31 December 2022 but will be fined with interest on unpaid tax for  2021-22. You have to pay.

“If you do not submit your ITR by the due date, you must file your tax return by  December 31, 2022. Deepak Jain, CEO of TaxManager., the tax portal for electronic filing and compliance management, said. Based on Section 234F, if the ITR is submitted after the due date, a  late submission fee of  5,000 rupees will be paid. However, if the person’s total income does not exceed 5 larks, the number of late filing fees paid will be 1,000 rupees.

 

If you do not need an ITR but would like to submit a return, you can do so after the due date. In such cases, it is not necessary to submit the ITR under Article 139, but if you voluntarily submit it after the due date, you will not be charged a late submission fee under Article 234F.

Under the Income Tax Regulations, a person who fails to file an income tax return within the time limit outlined in Section 139 (1) or within the time limit outlined in the notice issued under Section 142 (1) shall be in the applicable assessment year. The previous year at any time, 3 months before expiration or before the completion of the assessment, whichever comes first.

Therefore, ITR filing may not be extended until the July 31st deadline and we recommend that you file it now and not at the end of the tax filing season.  The government announced on Friday that there would be no extension of the deadline for filing income tax returns (ITRs) for the financial year 2021-22 (2022-23). The deadline for taxpayers not to audit their accounts is July 31, 2022.

As of July 20, more than 23 million income tax returns have been filed, according to Treasury Minister Tarn Bajaj. However, the numbers are expected to continue to increase as the final day approaches. 

” Previously, it was believed that the date was extended as part of the current routine. As a result, I was a little late to fill out returns at first, but now I get 1.5  to 1.8 million returns every day. This will increase slightly to 2.5  to 3 million revenues, “Bajaj said of the slow pace of submissions this year.

Bajaj added that he asked the finance department to prepare up to 10 million ITRs on the final day.

How to submit ITR 2021-22 online

1. Log in to the Income Taxation Portal.
2. Register with your taxpayer number (PAN). PAN also functions as a user ID.
3. Go to the electronic filing under the relevant assessment year in the download section and select the appropriate Income Tax Return (ITR) form.
4. If you are an employer, please download the return preparation software ITR-1 (Sahaj).
5. Open the downloaded return preparation software and fill in all the details from Form 16.
6. Calculate the tax amount, pay the tax, and enter the Sharan details related to the tax return.
7. The data entered should be confirmed and an XML file should be generated. It is automatically saved on your computer.
8. Go to the Send Returns section and upload the XML file.
9. Digitally sign the electronic return.
10. A successful ITR outgoing message is displayed on the screen. A confirmation form will be sent to your email ID.

edited and proofread by nikita sharma