ITR Filing Update: Important Documents, Penalty, and Eligibility Criteria

ITR Filing Update: All taxpayers should be aware that the deadline to file an ITR (income tax return) for the fiscal year (FY) 2021–2022 has been set for Sunday, July 31, 2022. For taxpayers whose accounts have previously undergone an audit, this deadline has been established. The Income Tax Department of India announced via its social media accounts, such as Twitter, that the ITR is due on July 31, 2022, and that taxpayers should think about filing their ITR before that date in order to avoid the penalty. The administration has clarified that there are no intentions to extend the deadline, which has been the subject of earlier taxpayer expectations.

According to a tweet from Income Tax India, “On the e-Filing portal, more than 3 crore ITRs for the tax year 2022–23 have been submitted as of July 25, 2022. ITR submissions for AY 2022–23 must be made by July 31st, 2022. If your ITR hasn’t been submitted yet, we strongly advise that you do so immediately. Register right away at: incometax.gov.in.

ITR FILING Update: WHAT IS THE PENALTY FOR MISSING THE DEADLINE?

Taxpayers should file their ITR as soon as possible, preferably before the deadline, as the Government of India has made it plain that there is no proposal to extend the deadline. According to section 234F of the Income-tax Act of 1961, violators must pay a fine of Rs 5,000. Taxpayers with incomes under Rs 5 lakhs, however, would be required to pay a fine of Rs 1,000.

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WHAT ARE THE DOCUMENTS REQUIRED?

Taxpayers who want to file their ITR 2022 should keep the following documents ready:

• Form 16 – For salaried employees.
• Form 26AS
• Capital Gains Statement
• Bank Statement
• Details of Foreign Assets including house property, bank accounts, and any other assets.
• Deduction or Exemption Form

WHAT IS THE ELIGIBILITY CRITERIA?

The following people are eligible to pay the income tax return even if their income does not exceed the tax threshold:

• People whose annual sales turnover is Rs 60 lakh or above.
• People whose professional income is more than Rs 10 lakh.
• People having a TDS or TCS greater than Rs 25,000.
  People who will deposit 50 lakh or more in their saving banks account are eligible to pay the ITR.

WHICH ITR FORM SHOULD BE USED BY SALARIED EMPLOYEES?

There are several sorts of income tax return forms, including ITR-1, ITR-2, ITR-3, and ITR-4. According to Income Tax India’s guidelines, each form is applicable to different taxpayers depending on their source of income. Taxes should be paid in accordance with the forms that apply to them. Defective returns are those that were submitted with incorrect information, and qualified taxpayers will be notified by Income Tax India if this is the case. Salaried employees who earn more over Rs 50 lakh per year must file an ITR-2 form instead of the standard ITR.

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