Income Tax Returns filing (Individual / HUF/ AOP/ BOI (books of accounts not required to be audited) – Last Date 31st July 2022
AGAIN The time in on for filing the Income Tax Return to avoid the late fine as under :- ( DUE DATE is 31st July 2022)
Ø Returns filed up to 31.07.2022 - Rs. Nil/-
Ø Returns filed after 31.07.2022 - Rs.5000/-
- In a case where total income does not exceeds Rs.5 Lac, the above said fees shall not exceed Rs.1,000/-.
- The above said late fees has to be deposited along with tax at the time of filing of return
- Filing of Income Tax Return will not be possible in normal case after 31.03.2023.
- If the gross total income does not exceed Rs. 2.5 Lakh, No late filing Fees applicable
Benefits for ITR filing within due dates:-
- Quick Refund process
- Carry forward the Losses
- Avoid late fine U/s 234 F upto Rs.5000/- etc.
- Assist for VISA
- Avoid – Higher Tax Deduction U/s Section 206AB
- You are liable to pay interest under Section 234A of the Income-Tax Act, 1961
Minimum Information required for ITR filing:- You are advised to collect and submit the relevant information in connection with your income like Form-16, Form-16A, Bank Statement, details of TDS, Interest on Saving Bank, details of deductions to be claimed and other relevant information and coordinate with the undersigned at the earliest, to avoid last moment rush,
Advice: - While filing the Income Tax Return, you should consider the following things to AVOID NOTICE FROM INCOME TAX:-
- Proper Analysis of 26 AS
- Proper Analysis of AIS and TIS
- Interest on Saving Bank Account to be reported
About the Author of this Article - CA Pradeep verma has more than 12 years of expirence in the field of Direct and Indirect Tax. He has providing consultancy services for Tax Palanning , Portfolio Management, GST Related Services etc.
CA Pradeep Verma
M.Com, FCA, DISA, LL.B
Certified Concurrent Auditor
Certified Forensic Auditor