I-T Division Takes To Twitter, Urges Taxpayers To File Returns Early

The Earnings Tax division has urged taxpayers in a Tweet to file their tax returns for the 12 months throughout the due date and early, moderately than wait until the final date of submission.

The final date to file the revenue tax return for FY 2021-22 (AY 2022-23) with out late price is July 31, 2022, except prolonged by the federal government. 

With the hashtag #FileNow, the I-T division has stated in a Tweet: “ITR submitting for AY 2022-23 is out there on e-filing portal. Examine your Type 26AS, AIS & different related paperwork earlier than submission. Be an early filer.” The taxpayers have been requested to go to the positioning: incometax.gov.in. 

Incometax.gov.in, the brand new e-filing portal was launched on June 7, 2021. In 2019, Infosys was given the contract to develop the portal. Nonetheless, taxpayers have been reporting glitches in it ever because it turned operational. 

The due date for submitting revenue tax returns is the date by which the returns could be filed with none late price or penalty. Taxpayers submitting their return past such due date should pay curiosity below Part 234A and penalty below Part 234F of the Earnings Tax Act, 1961.

The due date varies for various classes of individuals.

It can be crucial for all taxpayers to recollect the due date of submitting their I-T returns. The due date varies on the premise of the taxpayer’s class. As an example, salaried people are normally required to file their returns by July 31, whereas corporates required to conduct audit can file their returns by October 31 of the evaluation 12 months (except prolonged by the federal government). 

If the due date for submitting the unique return of revenue is missed, one can file a return after the due date, known as a belated return. The IT division additionally specifies the due date of submitting the belated return. This date is now decreased by three months to December 31 of the evaluation 12 months (except prolonged by the federal government).

Nonetheless, a penalty of Rs 5,000 will probably be charged for the delay in submitting of return. But when the overall revenue of the individual is lower than Rs 5 lakh, then the price payable is as much as Rs 1,000. 

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