Income Tax Return: Govt Not Extending Deadline. Know The Penalty To Pay For Delay

New Delhi: The deadline to file income tax return (ITR) for FY 2021-22 is fast approaching with only five days left now. The income tax department has asked taxpayers to file their returns on time to avoid inconvenience.  “Dear taxpayers, Do remember to file your ITR if you haven’t filed yet. The due date to file ITR for AY 2022-23 is July 31, 2022. No time to spare #FileNow. Pl visit: http://incometax.gov.in,” the Income Tax Department posted on its official Twitter handle on Monday.

Also, note that the government is not considering extending the last date for filing income tax returns, reported PTI quoting Revenue Secretary Tarun Bajaj. “So far, there is no thinking of extending the last date of filing,” Bajaj had said.

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Over the last two financial years, the government had extended the deadline for filing ITRs to ease compliance for taxpayers due to pandemic situation. Those who are still waiting for the deadline to extend, make sure that you file the returns within the deadline of July 31.

“More than 3 crore ITRs for AY 2022-23 have been filed on e-Filing portal till 25th July, 2022. The due date to file ITR for AY 2022-23 is 31st July, 2022. We urge you to file your ITR at the earliest, if not filed as yet. #FileNow!” Income Tax department said in a tweet.

What is the penalty?

As per section 234F, a penalty of Rs 5,000 will be imposed for the delay in filing returns if the total income to be reported exceeds Rs 5 lakh. If the total income of the person is less than Rs 5 lakh, then the fee payable is up to Rs 1,000.

Types Of Forms

ITR 1 Form or SAHAJ

This is meant for salaried individuals having total income of up to Rs 50 lakh for the financial year 2021-22. Also, note that salary also includes pension income.

ITR 2 Form

This form is for taxpayers whose salary income exceeds Rs 50 lakh. It can also be filled if you earn income in the form of capital gains from more than one house property, or if you earn a foreign income, or own a foreign asset. Even in cases where you hold a directorship in a company or unlisted equity shares, you must use ITR-2 for filing returns.

TR 3 Form

This is meant for businessmen and professionals who do not earn a salaried income. All the income heads eligible for ITR-2 are valid for this form as well. If you are a partner of a firm, you should use ITR-3.

ITR 4 Form

This form can be used by both resident individuals and HUFs (Hindu Undivided Family) who are earning either from profession or business in the previous financial year, but looking to adopt the presumptive income scheme (PIS) for deriving income tax liability.

ITR  5 Form and ITR 6 Form

Remember, that these two forms are not meant for individual taxpayers. ITR-5 is for partnership firms, business trusts, investment funds and so on, whereas ITR-6 is for companies registered other than Section 11, respectively.