For salaried taxpayers, the deadline to submit an ITR (AY 2022-23) is July 31, 2022. This year's deadline comes on a Sunday, a day off from work. It is advised that you submit your ITR before the deadline of July 31, 2022, for this reason.
For salaried taxpayers, the deadline to submit an ITR (AY 2022-23) is July 31, 2022. This year's deadline comes on a Sunday, a day off from work. It is advised that you submit your ITR before the deadline of July 31, 2022, for this reason.
It is tax season, and once you have filed your income tax return (ITR), you can check to see if the Income Tax Department has accepted and processed your ITR. In specific cases where differences are detected, you may be required to react to the ITD notification.
Prior to the introduction of AIS, the taxpayer's Form 26AS contained the majority of the information (also known as the tax passbook). Here are some key differences between Form 26AS and AIS.
The Taxpayer Information Summary (TIS), which contains significant summaries of the taxpayer's information, is a crucial element of the AIS.
The AIS Consolidated Feedback file (ACF) allows taxpayers to obtain all of their AIS feedback, excluding feedback, 'Information is correct,' in one pdf for easier understanding.
Budget 2021 announced that if an employee's own contribution in the EPF account exceeds Rs 2.5 lakh in the financial year, the interest earned on excess contribution will be taxable. The new rule is effective from April 1, 2021 (i.e., FY 2021-22). This year ITR forms ask an individual to provide details of the taxable EPF interest. However, individuals are struggling because interest is yet to be credited in EPF accounts.
Previously, an individual was allowed time till the end of the financial year, i.e., March 31 to file belated ITR by paying a maximum penalty of up to Rs 10,000. Here's why the penalty of FY 2021-22 (AY 2022-23) is half that of FY 2019-20 (AY 2020-21) if the ITR is filed after the expiry of the current deadline.
A salaried individual can file his/her income tax return either using ITR-1 or ITR-2. However, to know which ITR form is applicable to you, one must know all the sources of income during the financial year. Filing ITR using an incorrect ITR form will lead to defective ITR filing. Know how to know which form is applicable to you.
As the government has made it clear that there will be no extension in the deadline to file ITR, a taxpayer must ensure that ITR is filed on or before Sunday. If the tax return is filed after the deadline, then it will be termed as a belated ITR.