4 Revenue Tax Associated Duties To End Earlier than thirty first March 2022


File belated ITR for AY 2021-22

The Revenue Tax Division on twenty fourth March 2022 has Tweeted that Missed the due date to file your ITR? You’ll be able to file belated ITR for AY 2021-22 inside the prolonged due date of thirty first March, 2022.” The deadline for submitting a belated ITR is March 31, 2022, and failing to take action would end in a late wonderful of Rs 1000 or Rs 5000, as per Part 234F of the Revenue Tax Act of 1961.

The deadline for submitting the revenue tax return (ITR) for the Evaluation Yr (AY) 2021-21, was December 31, 2021. Nonetheless, you may nonetheless file a late return till March 31, 2022. In line with the Revenue Tax (I-T) division, an assessee who fails to file an revenue tax return by the deadline can file a belated return. The deadline for submitting the revenue tax return (ITR) for the Evaluation Yr (AY) 2021-21, was December 31, 2021.

Nonetheless, you may nonetheless file a late return till March 31, 2022. In line with the Revenue Tax (I-T) division, an assessee who fails to file an revenue tax return by the deadline can file a belated return earlier than the deadline. Belated returns may be filed earlier than the tip of the evaluation 12 months (AY)2020-21. Consequently, belated ITRs may be as much as the thirty first of March of the evaluation 12 months.

Must file ITR for AY 2021-22 on or before 31st March 2022

Should file ITR for AY 2021-22 on or earlier than thirty first March 2022

The Revenue Tax Division right this moment has mentioned by way of a Tweet that “Not submitting ITR may end up in increased TDS subsequent 12 months. The final date to file ITR for AY 2021-22 is thirty first March, 2022.” If a taxpayer fails to file an ITR for the fiscal 12 months 2021-22, the TDS fee that applies to her or him could also be elevated. Along with increased TDS, failure to file ITR could end in a penalty or late payment of Rs 1000 or Rs 5000, as per Part 234F of the Revenue Tax Act 1961. On June 21, 2021, the revenue tax division launched a round explaining that if an individual submits an ITR for FY 2020-21, his/her title could be erased from the record and better TDS/TCS. Consequently, as soon as you have submitted your ITR for FY 2020-21, make certain it is validated to substantiate you have filed the right ITR.

Check your AIS or 26AS & file your ITR for AY 2021-22

Verify your AIS or 26AS & file your ITR for AY 2021-22

The Annual Info Assertion (AIS) is a complete abstract of particulars for a taxpayer that’s proven in Type 26AS. AIS incorporates new data comparable to curiosity, dividends, securities transactions, mutual fund transactions, overseas remittance and so forth. Consequently, taxpayers getting ready to file an ITR for the fiscal 12 months 2021-22 ought to double-check or validate their AIS.

As a result of the deadline for submitting ITR for AY 2021-22 is March 31, 2022, one shouldn’t maintain up verifying his or her AIS. Log in to the revenue tax e-filing portal at www.incometax.gov.in and navigate to ‘Providers’>’Annual Info Assertion’ to entry your Annual Info Assertion. The Revenue Tax Division on twenty second March 2022 has mentioned “Expensive taxpayers, Pl verify your AIS or 26AS & file your ITR for AY 2021-22. The final date to file ITR for AY 2021-22 is thirty first March, 2022.”

Link your Aadhaar & PAN

Hyperlink your Aadhaar & PAN

The Revenue Tax Division has mentioned by way of a Tweet that “Hyperlink your PAN & Aadhaar to allow fast & straightforward e-verification of ITRs. The due date to hyperlink your Aadhaar & PAN is thirty first March, 2022.” It’s an important job to conduct for all people, together with taxpayers. If an individual fails to hyperlink his or her PAN to an Aadhaar quantity by March 31, 2022, his or her PAN will grow to be inactive, and the person could be penalised with Rs 1000 beneath Part 234H of the Revenue-tax Act.

Linking PAN with Aadhaar is a must-do exercise for submitting ITR for AY 2021-22, and failure to take action is not going to solely end in a penalty, however additionally, you will be prevented from submitting ITR, and TDS/TCS deduction would incur a better fee in case PAN will not be current. A penalty of Rs10,000 can be levied beneath part 234F of the IT Act for failure to file revenue tax returns.

By visiting the Revenue Tax portal you may hyperlink your PAN to Aadhaar. SMS perform can be used to hyperlink your PAN to your Aadhaar. People should ship an SMS from their Aadhaar-registered cell quantity to 567678 or 56161 within the format UIDPAN(12-digit Aadhaar Quantity)(10-digit PAN). In line with Part 139AA of the Revenue Tax Act of 1961, everybody who’s eligible for an Aadhaar and possesses a PAN should hyperlink each paperwork by March 31, 2022.



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