Last date for filing income tax return For the financial year 2021-22 (AY 2022-23) it is July 31, 2022 i.e. this Sunday. This time limit is applicable for those taxpayers whose accounts are not required to be audited. The Income Tax Department has been reminding taxpayers about the last date to file ITR through its official Twitter account, email and SMS. The government had last week said that there is no proposal to extend the deadline for filing ITR. For more information, click here.

According to a tweet by the Income Tax Department, “More than 3 crore ITRs for the election year 2022-23 have been filed on the e-filing portal till July 25, 2022. The due date for filing ITR for the year 2022-23 is July 31 Is.” 2022. We urge you to file your ITR at the earliest, if not filed yet. #File Now! Please visit: http://incometax.gov.in #ITD.”

Penalty for missing ITR filing deadline

As the government has clarified that there will be no extension in the ITR filing deadline, a taxpayer has to ensure that the ITR is filed on or before Sunday. If ITR is filed after the deadline, it is called delayed ITR.

A taxpayer has to pay late filing fee for late filing of return. This fee of Rs 5,000 is levied under section 234F of the Income Tax Act, 1961. However, for small taxpayers with a total income of up to Rs 5 lakh, the late filing fee will not exceed Rs 1,000. This fee has to be deposited before filing of delayed ITR.

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What is the penalty for missing ITR filing deadline?

ITR Forms Applicable to You

One must choose the right ITR form while filing your tax return. If wrong ITR form is used for filing income tax return, then such return will be termed as defective return, and the tax department will send you a notice in this regard.

income tax return form The amount applicable to you will depend on the sources of income earned by you during the financial year. If a person has income up to Rs 5,000 from salary, a house property, other sources like interest income, dividend, agricultural income, then he is eligible to file tax return using ITR-1.

However, if the total income exceeds Rs 50 lakh or he has income from capital gains, or unlisted equity shares, he has to file ITR-2.

For a person having income from business or profession, it is necessary to file income tax return Using ITR-3 or ITR-4 as applicable.

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Which ITR form is applicable for you for filing Income Tax Return?