Income Tax Return Filing Due Date 2022-23: Only a day is left before the end of the ITR due date for Assessment Year 2022-23 (FY 2021-22). While many taxpayers and individuals have been urging the Government to extend the last date, it is expected that there will be no extension of the last date this year. Around 5 crore ITRs have been filed till 8 pm today, according to the Income Tax Department. More than 44 lakh ITRs were filed today. If you haven’t filed the ITR, please hurry up and do it before the deadline ends. (Read ITR Filing Live Updates on July 31)
Here are important ITR filing updates till 30 July you should know
Income Tax Return Filing Last Date For Assessment Year 2022-23: How to File ITR, ITR Status Check, ITR Due Date Extension Expectation, Last Minute ITR Tips and Tricks
More than 35 lakh ITRs were filed on Saturday (July 30, till 7 pm), according to the Tax department. “Some more statistics of Income Tax Returns filed today. 35,67,263 #itrs have been filed up to 1800 hours today & 4,48,676 #itrs filed in the last 1 hour,” the Income tax department said in a tweet. In a previous post on the social media platform earlier today, the department had said, “26,82,031 #itrs have been filed up to 1600 hours today & 3,97,792 #itrs have been filed in the last 1 hour.”
House Rent Allowance (HRA) is a component received by salaried taxpayers to bear the rental payment of the hired premises. It is allowed as an exemption from taxable salary under Section 10(13A) of the Income-Tax Act, 1961 (the Act) on the satisfaction of several conditions. However, if a taxpayer does not pay rent or live in rented accommodation, the HRA allowance is treated as fully taxable. Read full story
With the Government apparently denying Income tax Return filing last Date extension for AY 2022-23, there has been a rush for return filing as the due date ends tomorrow. According to the Income Tax Department’s website, around 43 lakh ITRs were filed on Friday (July 29). Read details
To file your Income Tax Return (ITR), the first step is to select the appropriate ITR Form, which is determined mainly by the sources of income of a taxpayer. Salaried individuals have the benefits of selecting the simplest ITR Form – ITR-1 or Sahaj, provided such an assessee is not disqualified from selecting the Form. Read Full Story
More than 4.5 crore ITRs have been filed while 3.41 crore returns have been verified by tax filers, according to the Income Tax Department website.
The STCG on debt funds is added to taxable income of an investor and is taxed as per the tax slab of the investor, while that of the equity fund is taxed at a rate of 15 per cent. On the other hand, long-term capital gains on debt funds are taxed at a rate of 20 per cent after indexation, while that of equity funds are taxed at 10 per cent, once the gain amount exceeds Rs 1 lakh in a financial year. Read Full Story
While overall, there are no major changes introduced this year, a few additional information is being sought from taxpayers in the new tax return forms. Read Details Here
If taxpayers have foreign investments such as US stocks in their portfolio, they will have to disclose the same in their ITR. Foreign investments have to be reported in Schedule FA of the ITR-2. Read full details
Keeping the ITR documents ready can help you avoid mistakes and make the tax filing easier. Therefore, before you get down to filing your ITR for AY 2022-23, here’s a checklist of the important documents you must keep handy for reference. Read all important details
With effect from April 1, 2022, senior citizens aged 75 years and above can seek exemption from filing an Income Tax Return (ITR). However, they are not exempted from paying tax. In the Finance Act, 2021, Section 194P was introduced. With this, a senior citizen can file the tax return themselves or would deduct tax on their behalf and deposit it to the Income Tax Department. Read more details
In the previous assessment year (2021-22), around 6.63 ITRs were filed, including taxpayers whose accounts need to be audited. The last date to file ITR for such taxpayers whose accounts are audited is October 31, 2022. So if more than 5 crore returns are filed by July 31 then the total ITRs in the year (audited + non-audited) would easily cross the 6 crore mark this year.
Therefore it might not be necessary to extend the due dates and the ongoing campaign will most probably fail. taxpayers should therefore file their returns by the due date to avoid penalties. Read more details
In the Finance Bill, 2022, a new Section 139(8A) was inserted in the Income-Tax Act, 1961 (ITA). Any individual can file an updated tax return for the last two financial years, as per this provision. This is applicable from the financial year 2019-20 onwards. And you can submit Form ITR-U irrespective of the fact whether the tax return was filed or not. Read details
It is a misconception that ITR cannot be filed without Form 16. However, experts say that one can file the income tax return even without form 16, if certain conditions are satisfied. Read Full Details
In all ITR forms, new rows have been included where individuals need to furnish details of income accrued on foreign retirement accounts, and any such income, which has been claimed for tax relief under Section 89A of the Income-tax Act, 1961, writes Archit Gupta of Clear (formerly ClearTax).
ITR filing online: You should not wait for the due date extension and instead file your Income Tax Return now. More than 4 crore tax returns have already been filed. You should avoid delaying ITR filing beyond the due date late filers with up to Rs 5 lakh income have to pay a penalty of Rs 1,000 while the ones with an income of more than Rs 5 lakh are fined Rs 5,000, experts say. Read more details
ITR Filing Latest Data: More than 4 crore Returns have been filed till now, according to the official Income Tax website. As many as 3.15 crore returns have been verified by filers while the Tax Department has processed 2.41 crores of verified ITRs. Read more details about total ITR filed and ITR status check for AY 2022-23.
You can file ITR for free without paying any fee on the official Income tax filing website. The last date to file ITR is July 31, 2022. Belated ITR filing may result in a fine of up to Rs 5000. You can read more details about free ITR filing on the official website here.
ITR e-Filing website, Login details, Income tax Returns for Financial Year 2021-22 last Date, News, Updates and Tricks Taxfilers Should Know
