As the payer of the income (you, your bank, your employer or any other person or institution), it is mandatory to deduct taxes if the income exceeds the specified limit under the income tax law. Once the taxes are deducted and deposited to the government, the deductor is required to file TDS return as well.
The last date for filing a TDS return for the first quarter of FY 2022-23 is July 31, 2022. If this deadline is missed, then there are penal consequences. These include a late fee of Rs 200, charged every day and a penalty amount of up to Rs 1 lakh. Do note that even incorrect TDS returns can attract penalties of up to Rs 1 lakh.
Taxpayers who have concerns that are not being resolved can file a complaint on the income tax portal.Here's how to make a complaint regarding e-filing on the income tax department's website.
Last week, the revenue secretary clarified that the government has no plans of extending the due date for the ITR filing deadline of July 31. However, many chartered accountants and tax experts are complaining about the issues on the new income tax portal. The login issues, and unable to access Form 26AS make the case for an extension of the due date.
If an individual missed the deadline to file an income tax return (ITR), then a late filing fee of up to Rs 5,000 is levied. However, there are certain individuals who can file their ITR without paying a penalty even after the expiry of the deadline. Let us take a look at who will not have to face penal consequences for missing the ITR filing deadline.
The top 10 frequently asked questions concerning filing income tax returns have been released by the income tax department to help clear up some of the confusion.
It's important to note that ITR-2 is much more complex form then ITR-1; ITR-1 is also known as Sahaj because it is a simple ITR form that does not require much information as compared to ITR-2.
Under the income tax law, an individual is considered as a senior citizen or super senior citizen provided, he/she has crossed the specific age in the financial year.
All registered taxpayers on the e-Filing portal (post-login) who have a valid PAN and a valid bank account can use the My Bank Account service.