New Delhi: Although the government had expanded the deadline time for filing income tax returns (ITR) over the last two monetary years, this year the limit time was not moved. The deadline to file ITR For FY 2021-22 (AY 2022-23) was not stretched out by even by a day.
The due date for filing ITR for FY 20221-22 was July 31, which has previously passed. The normal discernment is that there could be a punishment for recording any ITR now?
Sujit Bangar, Organizer behind TaxBuddy.com in an elite talk with Reema Sharma of Zee Media said, “OK, there would be a punishment, however not in all cases.”
“It’s vital to know where your ITR case falls. The situations where there is compelling reason need to suffer any consequence are summed up here for simple comprehension,” Bangar added.
Check Income tax rules that permit you to document ITR without punishment even after the last date.
- Firstly if your gross complete pay doesn’t surpass the essential exception limit, there won’t be any punishment for late ITR documenting. However, there is one trick.If you have pay from unfamiliar sources, this advantage won’t be accessible.
- Second, in case you have pay just from agribusiness and no other pay, there won’t be any punishment for late filing of ITR.
- Third, assuming that your pay is absolved from tax collection and there could be no other available pay, you want not stress over punishment for late ITR filing.
Through ITR, an individual should submit to the Income tax Division data about the pay and the charges due and paid on it during the year. The Income tax Division has endorses 7 sorts of ITR forms, whose appropriateness relies upon the nature and measure of pay and the kind of citizen.
