The last deadline for submitting Income Tax Returns (ITR) for the fiscal year 2021–2022 and assessment year 2022–2023 has passed in less than 15 days. Approximately 5.83 crore ITRs were submitted by the deadline of July 31 for the previous evaluation year. However, there is a potential that even if your ITR was submitted on time, you might still be subject to a 5,000 rupee fine. Your returns will be rejected and subject to a late filing penalty if you filed your ITR within the allotted time frame but neglected to validate it.
In a statement released on July 29, the CBDT said, “It has been determined that the time limit for e-verification or submission of ITR-V should henceforth be 30 days from the date of transmitting/uploading the data of the return of income electronically.” This becomes effective on August 1.
Notably, under section 234F of the IT Act, taxpayers will be subject to a late reporting charge beyond the deadline of July 31. If the returns are submitted on or before December 31 of the assessment year, a 5,000 penalty is assessed under this clause. While in all other circumstances, the fine will be 10,000. The charge due under this clause, however, may not exceed $1,000 if the person’s total annual income is less than Rs. 5 lakh.
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There are now seven ITR forms that may be submitted, However they differ according to the kind of taxpayer and their income source. The ITR-1, ITR-2, ITR-3, ITR-4, ITR-5, ITR-6, and ITR-7 are these forms.
- Your pre-validated bank account, pre-validated Demat account, pre-validated ATM (offline mode), net banking, a digital signature certificate,
- An OTP sent to your Aadhaar-registered cellphone number, or any of these methods may be used to e-verify your ITRs (DSC).
- You would get a success message along with your transaction ID if your e-verification was successful. A message will be sent to the email address you entered with the e-filing system.
- The Finance Ministry said on August 1 that the increase in ITR filing peaked on July 31, 2022, the deadline for salaried taxpayers and other non-tax audit cases, with over 72.42 lakh ITRs being submitted on that day alone.
About 5.83 crore ITRs have been submitted in total for AY 22–23 as of July 31, 2022.
Here are six ways you can verify your income tax return:
- Aadhaar-based OTP
- Bank account
- Demat account
- Bank ATM
- Sending signed ITR-V/Acknowledgement receipt
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