ITR Last Date: If you earn money, then obviously you have to pay income tax. The last date for filing Income Tax Return (ITR) for FY 2022 or Assessment Year 2023 is July 31, 2022. It is to be noted that the last date for filing income tax returns varies from taxpayer to taxpayer, depending on their category. Therefore, it is important to pay attention to the last dates for filing income tax returns. Missing the date of ITR may result in heavy penalty and interest on tax payable by a taxpayer.
You can know here about the various ITR forms and their last dates for the financial year 2022-
1) Salaried persons and such other persons who are not required to have their accounts audited, will have to file ITR by July 31, 2022.
2) The last date for filing ITR for Hindu Undivided Families (HUFs), which do not require audit, is also July 31, 2022.
3) Taxpayers who need to get their accounts audited will have to file their ITR by 31 October 2022. This rule is applicable to those individuals, partners of a firm, company or other entities like proprietorship, who get their accounts audited by a chartered accountant for filing ITR.
4) Under section 92E of the Income Tax Act, 1961, every person who has entered into any international transaction or certain domestic transaction is required to submit the Chartered Accountant Report on or before a specified date. This report should be prescribed, signed and verified by a Chartered Accountant in the prescribed format. The last date for filing income tax returns for such taxpayers will be November 30, 2022.
What if you miss to file ITR by the last date?
If you fail to file income tax return within the given date, you can file late return with penalty and interest later. Till assessment year 2018, there was no penalty for filing late ITR. However, later the Finance Ministry changed this rule.
Under section 139(4) of the Income Tax Act 1961, taxpayers can file returns by paying late fees. If individual taxpayers file ITI after the deadline of July 31, 2022, a late fee of Rs 5,000 will be charged. If a person’s total income is less than Rs 5 lakh in a financial year, he will be fined Rs 1,000.
Apart from this, taxpayers may also have to pay additional interest as penalty for filing ITR after the deadline. If you have any outstanding taxes, interest will be charged on that. Interest will be charged at the rate of 1 percent every month on the outstanding amount. However, if you do not have any tax liability, then you only need to deposit the late fee.
