ITR filing: Here's what will happen if you miss July 31 deadline, steps to file ITR and more
July 31, 2022, is the last day to file an income tax return (ITR) for the fiscal year 2021–2022 or assessment year 2022–2023 (AY23) if you do not need to have your returns audited. The last day to file an ITR for this year will not be extended, according to the Finance Ministry.
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FollowJuly 31, 2022, is the last day to file an income tax return (ITR) for the fiscal year 2021–2022 or assessment year 2022–2023 (AY23) if you do not need to have your returns audited. The last day to file an ITR for this year will not be extended, according to the Finance Ministry.
The tax agency reminded all eligible taxpayers in a sufficient number of emails and text messages about the deadline for filing ITRs. Those who have successfully filed an ITR are secure. After today, those who haven't yet filed an ITR will need to. Despite the fact that it is Sunday, taxpayers are still able to finish the ITR procedure. However, the income tax site may get overloaded due to the last-minute rush to file reports before the deadline.
If a taxpayer fails to submit their ITR by the deadline, there is a Rs 1,000 late fee for taxpayers with yearly incomes up to 5 lakh rupees. If your annual income exceeds Rs 5 lakh, the late fee is Rs 5,000. If your gross income is less than the basic exemption level, you won't be charged a late filing penalty.
Also Read: ITR filing: No need to file returns for senior citizens under certain conditions; know details
It should be reminded that you won't be able to voluntarily file your ITR for the assessment year 2022–2023 if the late filing is not completed by December 31, 2022. When the Income Tax Department receives your tax information in this scenario, it will let you know what has to be done.
Here are 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.
Also Read: ITR filing: If your annual income is up to Rs 2.5 lakh, do you need to file tax?
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