he Central Board of Direct Taxes (CBDT) has fixed the last date for filing the income tax return (ITR) for the previous financial year (FY22) as July 31, 2022.
The government has also refused to extend the deadline this year. However, according to data from ITR’s website, only 30 million ITRs have been filed so far.
According to new norms even For people with an annual income of over Rs 2.5 lakh, filing an ITR is mandatory. Failing to do so may attract fines and penalties.
If tax paying personsfail to file ITR before July 31 then below liablities arise with fines:
If Tax payer miss the deadline of July 31, 2022, they can still file the document by December 31, 2022. However, they will have to pay a late fee.
Being the case ;
a) If the yearly income is above Rs 5 lakh per annum, your late fees will be Rs 5,000.
b) If the income is below Rs 5 lakh per annum, the late fee is Rs 1,000.
c ) If there is an unpaid income tax after July 31, 2022, an interest of 1 per cent is applicable on the outstanding amount. This is irrespective of whether the tax amount was filed wrong mistakenly or not.
d) The taxpayer will have to remit / deposit the outstanding tax along with the interest, retrospectively from July 31.
e) Along with this, if the outstanding tax is paid on or after the 5th of any month, the interest of the full month will have to be paid.
f) Taxpayers are allowed to reduce their liability by offsetting the losses from business operations or the sale of property against other incomes. The losses are allowed to be carried to subsequent years.
g) However, it is not applicable in the case of a belated ITR. The losses can only be carried forward if the ITR is filed before July 31, 2022.
Transactions necessary to mention in the ITR 2021-22
More new transactions are added from this year :
If Tax payer have renovated their house in the last financial year (2020-21), the details about it must be mentioned in the ‘capital gains’ column in the ITR.
If Tax payer have sold property between April 1, 2021, and March 31, 2022, its details must also be mentioned in the ‘Capital gains’ column.
If Tax payer own a house in any foreign land, its details are also necessary to be mentioned in the ITR.
Additionally, the I-T department may also ask you for details about your income abroad.
Provident fund (PF account): If Tax payer earn an interest higher than Rs 2.5 lakh per annum on the PF account, it needs to be mentioned in the ITR.
Until now, the index cost of the property purchased/ sold was required to be furnished in the ITR. In FY22, the taxpayers need to mention the real cost of the property.