According to the revenue secretary Tarun Bajaj, over 2.3 crore income returns have been filed by July 20. However, the numbers are expected to pick up as the last date approaches
In the Finance Bill, 2022, the government introduced the concept of 'updated ITR'. It allows the assessee to file the ITR within 24 months of the expiry of a financial year
Failure to do so can result in penalties for the legal heir
Once the ITR 2021-22 is filed, the taxpayer needs to verify their return within 120 days, or it is deemed invalid
The income tax department (I-T department) has fixed the deadline as July 31, 2022. If the ITR is not filed before the due date, the taxpayer may be subjected to monetary or criminal punishment
If the income is above Rs 2.5 lakh per annum, you are required to file the ITR to avoid penalties. There are several penalties that are applicable if one fails to file the ITR before the last date
There are several transactions that one needs to mention mandatorily in the ITR 2021-22 (AY 2022-23). It is necessary to avoid a notice from the I-T department
Filing income tax return will prove handy while applying for a loan, insurance cover, or a visa
Those over 60 need not file ITR if any tax has been deducted under Section 194P
The last date for filing income tax of AY 2022 is drawing close. We explain a few things which you should keep in mind before filing the tax return.
Keep rent receipts that serve as proof handy should taxmen come calling
Here is a quick step-by-step guide on how to file your income tax return (ITR) for the assessment year 2022-23
Income-Tax department selects cases manually for comprehensive scrutiny
'The faceless assessment scheme in India draws upon the best practices of the UK HRMC and Australian ATO'
However, you may have to pay a penalty and won't be able to carry forward most types of losses
Assessment Year 2021-22 is for income earned in the financial year 2020-21
Over 4.67 crore Income Tax Returns (ITRs) have been filed on the new e-filing portal of the Income Tax Department as of December 27, 2021
The government had extended the date of filing income tax returns for AY22 to December 31, 2021, from July 31, 2021
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Of the e-verified ITRs, more than 23.8 million ITRs have been processed and over 909.5 million refunds for AY 2021-22 have been issued