Explained: The ITR filing deadline is about to pass, here’s what you need to know if you haven’t filed your return yet
As Sunday (July 31) is the last day for filing tax returns for AY 2022-23 (fiscal year 2021-22) for salaried employees and the deadline will likely not be extended, the Income Tax Department has published a series of Frequently Asked Questions (FAQs) on issues relating to ITR filing.
Salaried individuals are required to file their tax return before July 31, while companies or those who are required to check their books of accounts can file their return before October 31 of the tax year.
19,53,581 tax returns had been filed by 1 p.m. today, the income tax department said. He also published his email address [email protected] incometax.gov.in or helpline numbers 1800 103 0025 or 1800 419 0025 for resolving tax filing questions and issues.
What will happen if you miss the ITR filing deadline?
If the tax return is not filed by the due date – July 31 for the 2021-22 fiscal year – a penalty will be imposed under Section 234F. The amount of the penalty for filing the declarations at the last deadline would be Rs 5,000 if the ITR is declared before December 31 of the year of assessment and Rs 10,000 if the ITR is declared after the December 31 but before March 31 of the assessment year.
Additionally, if a person does not file an ITR by the due date and has unpaid tax, then under Section 234A interest on the amount of unpaid tax at 1% per month will be charged from the prescribed due date. If a person with taxable income fails to file their ITR or is found to be under-reporting their income on returns, then they must pay 50% of the total tax payable on income for which no return is filed. has been provided.
What did the tax department say in the FAQ?
FAQs have been posted for issues such as self-assessment tax paid but not reflected in pre-filled details, pre-validation of bank account for refund, lack of drop-down function when filing the ITR-7 claiming exemptions under various provisions, income difference reflected in Annual Information Statement and 26AS, password reset without e-filing/Aadhar OTP and opting for Section 115 tax regime BAC, the provision for the new concessional income tax regime.
The tax department said that taxpayers who do not have a registered mobile number in Aadhaar but wish to reset the password on their electronic income tax filing portal can do so using DSC or by connecting to Internet banking.
For self-assessment fees paid but not reflected in the pre-populated details, IT said it takes 3-4 days for different banks to provide information to the department. After that, it is pre-filled in the Tax-returns/Pre-filled JSON file.
“Taxpayers can choose to wait the required time to automatically reflect the details of taxes paid in ITR. Alternatively, in cases where the taxpayer has already filled in additional details in addition to the pre-filled details, these payment details can be manually entered after clicking the ‘Add details’ link for tax prepayment and self-assessment details under Schedule ‘Taxes Paid’,” the IT department said.
When resetting password without e-deposit OTP (in cases where registered mobile has changed)/Aadhaar OTP (when mobile is not linked to Aadhaar or Aadhaar is not linked to PAN), l user can reset the password using a valid Digital Signature Certificate (DSC) or you can log in directly through internet banking to the e-deposit account.
For any discrepancies between the revenues shown in AIS and 26AS, IT clarified that the revenues reflected in AIS and 26AS are based on information received from different sources and tax compliance performed by different stakeholders.
“If there is a variation between the TDS/TCS or tax payments provided in Form 26AS and the TDS/TCS or tax payments provided in AIS, the taxpayer may rely on the TDS/ Tax provided in 26AS for tax filing purposes and for calculating prepaid taxes,” he said.