ITRTaxation

Hurry!! It’s Time to Understand the Last Day to File ITR

Go through the article and file your taxes on time, and know the last day to file ITR. The taxes make the nation grow, so this is a legal liability to file your tax returns in time. Delay in tax returns can cause some trouble. 

Income tax is one of the significant sources of a country’s tax revenue, which contributes the government to executing welfare works for its citizens. It is also called direct tax because people who earn a taxable income pay their taxes directly to the government of the State. Income tax is imposed by the government, making it your legal obligation to pay your income tax returns on time.

Income tax can be imposed on individuals, companies, firms, local authorities, Hindu Undivided Families, and LLP. Every year during the lunch of the new budget, some rules and slabs related to income tax get released. These rules are released in the financial year and applied in the subsequent assessment year. Every taxpayer must follow these rules before filing their income tax returns (ITRs).

Income Tax Return 

The income tax return is a form that contains data about the income of a person and how much is taxable or exempted from paying tax. The amount of tax a person will pay is decided by the slabs released in the financial year. The Income-tax rates are released annually, but the income tax is paid on a monthly basis. 

If a person miscalculates the taxable income amount and pays excess tax to the Income Tax Department during a year, he will get a refund of the extra payment from the income tax department. 

Income tax transactions are made under provisions of income tax law that are prevalent in India. The Income-tax return has to be done every year by the individuals or corporations. If the tax is not paid within a specific time period, liabilities and penalties can be attracted.

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Due dates of Income Tax Return Filing for FY 2021-22(AY 2022-23)

Paying Income tax is a legal obligation that must be done by all citizens who come under the ambit of taxable income according to the income tax slabs. If income tax is not paid within a certain period, default penalties can arise. So to ensure the filing of income tax does not attract any penalty, income tax should be filed within the due dates.

Section 234 A and 234 F of the income tax Act deal with penalty provisions. Income tax return filing is done after the financial year and within the assessment year.

  • A salary-earning individual or a Hindu undivided family can file their income tax return within 31 July 2022.
  • The due date for a business requiring an audit will be 31 October 2022.
  • Similarly, a business requiring a TP report shall file an income tax return before 30 November 2022.

The central government has the discretion to extend the due dates.

Who should file ITR? 

According to the new income tax slabs and income tax rates, every person who is a citizen of India can file an income tax return irrespective of their age. 

  • So, all citizens are entitled to file an Income tax return according to their annual income.
  • An NRI can also file tax if his annual income is more than 2.5 lakhs. Less than 2.5 lakhs yearly income is exempted from taxation liabilities. 
  • All registered companies are liable for paying income tax returns irrespective of whether they have gained any profit or not.
  • Foreign companies established inside India are liable for paying income tax returns.
  • If a person owns any tangible or intangible assets outside the country, he is liable to pay taxes.

Interest and penalty for delay in filing Income Tax Returns

If, for any reason, you have not filed income tax returns within the due dates and that are not pre-specified can attract penalties. The penalty for not filing income tax within the due date is discussed under section 234A of the Income-tax Act. 

If a person does not file ITR in time, he would be liable for paying the amount at the rate of 1% interest for every month.

Due dates for making payment of Advance Tax installments

Income tax must be paid within a specific date. If the tax is not paid beforehand, it can put you in a situation where you have to face unnecessary liabilities and penalties. So it’s better to spend your tax before the end of the financial year. 

Paying taxes in advance means paying taxes on the year’s income in which the payment has been made. Individuals must calculate their estimated income and taxable price and deliver it within the four installments provided during the financial year.

Taxpayers must pay their annual tax by estimating the income and delivering it in installments. These installments are 15 percent, 45 percent, 75 percent, and 100 percent. The payment must be made on or before 15 June, 15 September, 15 December, and 15 March. By this, a study flow can be maintained of the income tax because of the tax payments made at the same time as income. So the recent due date of 2022 is 15 June 2022.

The due date for filing a TDS return

TDS or Tax Deducted at Source is a type of income tax collected for a purpose that when a person is liable to make a payment to another person, he shall deduct tax at source. The central government shall be remitted about it.

The due dates for filing TDS for the financial year 2022-2023 are:

Quarter months ending Month of deduction Due dates of payment of TDS Due dates for filing TDS
30 June This quarter contains April, May, June 7 May, June, July 31 July 2022
30 September This quarter contains July, August, September  7 August, September, October  31 October 2022
31 December  This quarter contains October, November, December 7 November, December and January  31 January 2023
31 March  This quarter contains January, February, March 7 February, March and April and 30 April for other deductors 31 May 2023

Interest and penalty for delay in filing TDS returns

If a person who is liable to pay TDS does not pay it within the due dates will be fined 200 rupees for each day unless he files the scheduled payment.

Conclusion

Income tax is one of the significant sources of tax revenue for a country so contribute to the positive growth of the nation by paying your taxes as a responsible citizen. 

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