No Extension For Filing Tax Returns, Today Is Deadline

There is no extension to filing income tax return (ITR), and today, July 31, is the last day for filing the tax return for the financial year 2021-22 or assessment year 2022-23. .While taxpayers have requested the government to extend the due date for filing ITR, the government has refused to do so..Many users have complained about technical glitches on the e-filing website. However, the centre has made it clear that there is no plan to extend the ITR filing due dates this year..The hashtag "#Extend_Due_Date_Immediately" was trending on Twitter, with widespread requests for an immediate extension. But today is the last day. .It's fine if you have already submitted the return or can do so before the deadline. But what happens if you don't submit the ITR by the deadline of July 31?.If you miss the July 31 deadline, you still have until December 31, 2022, to file the return. However, there will be a late fee. There will be further financial repercussions as well..For taxpayers with a yearly income up to Rs 5 lakh, there is a Rs 1,000 late fine. The late fee is Rs 5,000 if your yearly income exceeds Rs 5 lakh..However, you won't be required to pay a late filing penalty if your total gross income is less than the basic exemption amount..The income tax regime determines the basic exemption threshold you select. For taxpayers under 60, the basic tax exemption ceiling under the older regime is Rs 2.5 lakh..The basic exemption threshold for those aged 60 to 80 is Rs 3 lakh. The exemption threshold for those over 80 is set at Rs 5 lakh..Under the new concessional income tax regime, the basic tax exemption limit stands at Rs 2.5 lakh, irrespective of the age of the taxpayers..Gross total income is the amount before any deductions allowed by sections 80C through 80U of the Income Tax Act..Missing deadlines have several consequences in addition to the late fees. If you miss the deadline, you will have to pay interest on the late tax payment.."There could be some tax payable while filing ITR, for example, interest and dividend. TDS is deducted at 10 per cent, but you are in, say, 20 per cent or 30 per cent tax slab; hence the differential amount of tax is to be paid with interest as per Section 234 A at the rate of 1 per cent per month," said Sudhir Kaushik, Co-Founder and CEO, TaxSpanner, told ANI..You can deposit the unpaid tax if you file the return before the deadline. However, if you miss the deadline, you will be compelled to retroactively deposit the unpaid tax and interest as of July 31..The interest for the entire month must be paid at a rate of 1 per cent per month if the unpaid balance is paid after the fifth day of any given month..A taxpayer can lower their responsibility by adjusting losses from commercial activities or selling property against other incomes. The ITR must be submitted before the deadline for the losses to be carried forward.."Carry forward of losses (other than the loss from house property), if any is not allowed if you miss the due date. Losses on the sale of property/shares/capital assets forced to sell during corona should be declared and filed before the due date," Sudhir Kaushik, Co-Founder and CEO at TaxSpanner, told ANI..According to the Income Tax Act, company losses (apart from speculative losses) may be offset against any head of income, except salary income..Any unadjusted loss may be carried forward for eight fiscal years following the current fiscal year and offset against any permitted business revenue. For instance, business losses in the fiscal year 2020–21 may be offset by business earnings in the fiscal years 2021–22 and after..The Income Tax Department may give you a notice for failure to file by the deadline or mismatch..On the possibility of notice from the Income Tax Department, Mr Kaushik said, "during the Covid pandemic, many individuals have invested in equity as we are witnessing while filing ITR and AIS (annual information statement). So tax notices for mismatches of income/loss declared can also be expected.".If you miss the July 31 deadline, submitting a late income tax return for the fiscal year 2021–2022 is December 31, 2022..In case you miss even the December 31, 2022, deadline for refunds and losses, you would be required to file an appeal for condonation with the commissioner of income tax of your ward for refund and losses carried forward. "If the reason is bonafide, you may get the permission," said Mr Kaushik..There is a huge penalty if you owe taxes. "If you find additional income in AIS or other documents which were not declared in original return or not filed at all, then you have to pay 50 per cent additional tax of this pending tax amount if filing updated return within a year and 100 per cent additional if filing after one but before two years," he said..If you submit your revised return after December 31, but before that date has passed, you must use a new form, ITR U, and explain why your income has changed. .The following are possible causes:. Previously unfiled returns. Income that was not reported accurately. Incorrectly selected heads of income. Reduction of carried forward losses. Reduction of unabsorbed depreciation. Reduction of tax credits under Sections 115JB and 115JC. Incorrect tax rate. Others. .How To File Income Tax Returns.Here is how to file your ITR through the e-filing portal:.* Go to the e-filing website, https://www.incometax.gov.in/iec/foportal..* Log in to your account if you have already registered or create a new registration by providing the required personal and communication details..* Once logged in to the portal, click on the "e-file" tab and then on "File Income Tax Return.".* Select the Assessment year and click on "Continue.".* Submit your choice whether you wish to file your returns online or offline..* Select "Individual" in the status applicable to your filing and then choose the income tax returns (ITR) you wish to file. Most salaried individuals file their returns with ITR -1 form..* You will next be asked to specify the reason for filing ITR among the available options. Submit your choice and move to the next step to provide your bank details or validate them..* Declaration tab – Once the taxpayer fills all details in the ITR-1 form, they are required to fill in requisite information in the declarations verifying that all details provided in return are correct and complete..* Verify the submitted information to avoid any error and click on "Proceed to Validate.".* Once the income tax return is filed, taxpayers will receive an SMS/ email intimation verifying the ITR filing..How to Download Income Tax Return?.It is crucial to file ITRs on time to prevent stress and fines at the last minute..The IT department creates the income tax verification form once you've submitted your ITR so taxpayers can confirm the integrity of your e-filing. These applications are if you filed your returns without a digital signature..The income tax return verification form can be downloaded in easy steps:.1. Log in to the Income Tax India website: click here or visit https://portal.incometaxindiaefiling.gov.in/e-Filing/UserLogin/LoginHome.html?lang=eng.2. View e-filed tax returns by clicking on the 'View Returns/ Forms' option

No Extension For Filing Tax Returns, Today Is Deadline

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