It is important for taxpayers to understand that the ITR being filed at present is for the financial year 2021-22, i.e. for income earned between April 1, 2021 and March 31, 2022. income tax return The previous year being filed is called the assessment year. The assessment year is followed by the previous year.
Financial year 2021-22 is the previous year in which income is earned. Assessment Year or Assessment Year 2022-23 in which ITR is being filed for the financial year or FY 2021-22. Similarly, the income earned in the current financial year 2022-23 will be given in the next year’s ITR i.e. assessment year 2023-23.
Hence, as per the Income Tax laws, the last date for filing ITR for FY 2022-23 (AY 2024-23) is July 31, 2023.
How to file ITR for FY 2021-22 (AY 2022-23)
To start the process of filing ITR, you must first find out whether your total income (before claiming any deduction) exceeds the exemption limit.
For individuals below 60 years of age, the exemption limit is up to Rs 2.5 lakh, irrespective of whether you opt for the new income tax regime or the old one. If the total income is more than Rs 2.5 lakh, then you have to mandatorily file ITR.
The next step would be to collect the required documents for ITR Filing, This includes various TDS certificates like Form 16 (from your employer), Form 16A (from banks), interest certificate, capital gains statement etc.
After collecting all the required documents, you need to select the ITR form which is applicable to your income sources. After that you can file your income tax return online on the new e-filing income tax portal. Don’t forget to verify the ITR after filing it. If the verification process is missed, ITR will not be taken for processing. Further, the Income Tax Department will assume that you have not filed ITR.
Consequences of missing ITR filing deadline
If a person misses the due date of filing ITR for FY 2021-22 (AY 2022-23) i.e. July 31, 2022, there will be monetary and non-monetary consequences as well. Filing ITR after the due date (Delayed ITR) will attract a late fee of up to Rs 5,000. In addition, penal interest will also be levied if any tax is due.
In case of delayed ITR, a person cannot carry forward the loss (except in case of income from house property).