BackNo extension for ITR filing. What happens if you file it after last day
ITR filing: Currently, taxpayers are needed to file ITR for the financial year FY22, and the assessment year 2022-23. By filing ITR, the taxpayer can report their incomes and taxes paid in a financial year to the department.
PremiumITR filing: The last day for filing income tax returns (ITR) has finally arrived and taxpayers have flooded the e-filing portals. The Income tax department has announced helpline numbers and portals for assisting taxpayers in a seamless ITR filing. Currently, taxpayers are needed to file ITR for the financial year FY22, and the assessment year 2022-23. By filing ITR, the taxpayer can report their incomes and taxes paid in a financial year to the department. If there are refunds from the government, then ITR will help taxpayers to claim the amount. ITR is mandatory if your income is more than the basic exemption limit. There is no extension in the deadline for filing ITR. With less than 24 hours left, it is important to file your ITR to avoid any penalties.
On Sunday, the Income Tax department through its Twitter account said, 19,53,581 ITRs have been filed till 1 pm today, and 4,67,902 ITRs were filed in the last hour.
Till July 30, more than 5.10 crore ITRs were filed. Over 57.51 lakh ITRs were filed on Saturday alone. The department said, "do remember to file yours, if not filed as yet. File now to avoid a late fee."
At present, there are seven ITR forms available, however, these forms vary depending upon the category of taxpayers and their source of income. These forms are ITR-1, ITR-2, ITR-3, ITR-4, ITR-5, ITR-6, and ITR-7.
ITR form 1 (Sahaj) and ITR form 4 (Sugam) are simpler forms that cater to a large number of small and medium taxpayers. Sahaj can be filed by an individual having income up to ₹50 lakh and who receives income from salary, one house property / other sources (interest, etc.). Along similar lines, Sugam is filed by individuals, Hindu Undivided Families (HUFs), and firms (other than Limited Liability Partnerships (LLPs)) having total income up to ₹50 lakh and income from business and profession computed under the presumptive taxation provisions.
Further, individuals and HUFs not having income from business or profession (and not eligible for filing Sahaj) can file ITR-2 while those having income from business or profession can file ITR Form 3. Persons other than individuals, HUF, and companies i.e. partnership firms, LLP, etc. can file ITR Form 5. Companies can file ITR Form 6. Trusts, political parties, charitable institutions, etc. claiming exempt income under the Act can file ITR-7.
If you fail to file your ITR on time, then you will be liable to pay a certain amount as a penalty to the department. Under section 234F of the IT Act, there is ₹5,000 penalty if the returns are furnished on or before December 31st of the assessment year. While the penalty will be ₹10,000 in any other case. It needs to be noted that if the total income of the person does not exceed ₹5 lakh - then the fee payable under this section shall not exceed ₹1,000.
The basic exemption limit is a gross annual income of ₹2.5 lakh for individuals below 60 years of age, while the exemption limit is of income ₹3 lakh for individuals above 60 years but below 80 years, and the exemption limit is ₹5 lakh for individuals above 80 years.
Here's why you should file your ITR as per Clear, an income tax services provider:
- If you want to claim an income tax refund from the department.
- If you have earned from or have invested in foreign assets during the FY.
- If you wish to apply for a visa or a loan.
- If the taxpayer is a company or a firm, irrespective of profit or loss.
According to Clear, taxpayers should file their ITR even if they are under the exemption limit, and fall under any one of the categories mentioned below.
- Have deposited an aggregate amount of more than ₹1 crore in one or more current bank accounts.
- Have incurred an aggregate expenditure of more than ₹2 lakh on foreign travel for self or any other person.
- Have incurred an expenditure aggregate of more than ₹1 lakh towards electricity consumption.
- If the tax deducted at source (TDS)/ tax collected at source (TCS) exceeds ₹25,000 in the previous year. In the case of a senior citizen (above 60 years), this limit is ₹50,000.
- In case you are a businessman and your total sales, turnover, or gross receipt exceeds ₹60 lakh during the previous year.
- You are liable to file a tax return if you are engaged in a profession and your gross receipts are more than ₹10 lakh during the previous year.
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