Thursday, March 30, 2023

5.83 crore income tax returns filed for FY22

The Income Tax Department has received about 5.83 crore tax returns, largely from salaried and individual category taxpayers, by the end of the financial year 2021-22 filing season on July 31, officials said Monday. The latest numbers are about the same as the last fiscal (2020-21).
The due date for filing of income tax returns (ITRs) by salaried class and individual category taxpayers, who do not have to get their accounts audited for the fiscal ending March 31, 2022, was July 31 (Sunday).
“We have received about 5.83 crore returns by the end of July 31. Data is being reconciled to state the actual figures,” a senior officer said. The officer said during the last fiscal, the due date for which was extended till December 31, 2021, around the same number of returns — at 5.89 crore — were filed. More than 72 lakh ITRs were filed on the last day (Sunday) this time, the officer said.
According to latest rules, a late fee of Rs 5,000 would be payable by those (with an annual income of over Rs 5 lakh) who file their ITR by December 31 of the assessment year 2022-23.
Individuals with an annual income of below Rs 5 lakh will be liable to pay a late fee of Rs 1,000 for delayed return filing.
Besides, those who have outstanding unpaid tax will have to shell out an additional 1 per cent interest per month for delayed filing.
The late fee will not apply to those taxpayers whose income is below the taxable limit.

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