It's important for taxpayers to understand that the ITR that is currently being filed is for the financial year 2021-22, i.e., for the income earned between April 1, 2021, and March 31, 2022.
It's important for taxpayers to understand that the ITR that is currently being filed is for the financial year 2021-22, i.e., for the income earned between April 1, 2021, and March 31, 2022.
As per the current income tax laws, an individual below 60 years of age is required to file ITR if his/her gross total income exceeds Rs 2.5 lakh in a financial year. This is irrespective of the income tax regime (old vs new) chosen by him. Read on to know if you have to file ITR.
July 31, 2022 is the due date for filing ITR for FY2021-22 for individuals whose accounts don’t need auditing. A belated ITR can be filed after this deadline but with a late filing penalty. With the Twitterati demanding extension of ITR filing, will the government extend it at the last minute?
The last date for filing income tax return for FY 2021-22 (AY 2022-23) is July 31, 2022. If this deadline is missed by the individual taxpayers, then they have an option to file a belated income tax return. However, filing a belated ITR comes with some costs. Read on to know more about it.
For ITRs filed up till and including 31.7.2022 the earlier time limit of 120 days from date of filing of ITR continues, as per the CBDT notification. The reduced time limit of 30 days applies to ITRs filed on and after 1.8.2022.
If you have missed the deadline of filing income tax return for FY 2021-22 i.e., July 31, 2022, then an individual has an option to file the belated ITR. However, an individual is required to pay a late filing fee if he/she is filing belated ITR. The last date of filing belated ITR is December 31, 2022.
The Central Board of Direct Taxes (CBDT) has asked the family members who received ex-gratia from an employer of the deceased employee or any other financial help from relatives to submit a form within a deadline as applicable to them. If this form is not submitted, then the family member cannot claim income tax exemption on the money received due to the death of the individual by covid-19.
The Central Board of Direct Taxes (CBDT) issued a notification on August 5, 2022, asking the employees to submit certain documents to the employer and income tax department. The documents must be submitted to claim income tax exemption on the money received from the employer and/or relatives for covid-19 treatment. The documents must be submitted within a certain timeline.
More than 1.3 crore taxpayers didn’t file their return by 31 July. If you are one of them, here’s what you should do now.