As per income tax website, more than 2 crore citizens have already filed their Income Tax Return (ITR) for FY21-22 (that is for AY22-23). Only few more days are left from the deadline and if you have not do it till now you can note the timelines to comply.
Deadline for filing ITR –
- Individuals/HUFs – Generally the last date for filing income tax returns for all individual and HUFs is 31st July every year and this year also the same timeline of 31st July 2022 has been laid down by the government.
- Audited Firms/companies – Further, the last date for filing income tax returns for those who require audit is October 31, 2022.
- Businesses/companies – The last date for filing income tax return for such business which requires TP report is November 30, 2022.
In the last two years during COVID pandemic, the government had extended the timelines for filing ITR several times and provided flexibility to common man as well as businesses. Last year the timelines were extended till 31st December. However, this year as the effect of pandemic has subsided to a large extent, the government may not extend the timeline. There has been technical glitches also in past in the new income tax portal, so to accommodate that the timelines has been extended in past. This year no major instances of technical glitch has been reported so far but yes few instances has been heard. Hence, all around the circle are predicting that, the central government may not extend the timelines this year. Incase there are announcements of extension of timelines, that may come at the 11th hour. So why to wait and take a chance, you still have time to file your ITR well before the deadlines. It hardly take time if you have your income calculated for the FY and your documents are ready.
Consequences of delayed ITR filing – as per income tax act there is a provision to pay penalty for filing income tax return after the due date. The amount of fine starts at Rs.5000/- and can go even higher if there are drastic delays/ repeated violation of timelines (timeline provision of filing ITR with penalty). If you have not filed your ITR, do it right away after reading this article.
