Income Tax Return: Know changed rules, deadline, forms, penalty and more

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Income Tax Return: Know changed rules, deadline, forms, penalty and more

The senior citizens above the age of 75 years have been provided with an exemption from filing the ITR under section 194P

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July 26, 2022 12:04 IST
Income Tax Return: Know changed rules, deadline, forms, penalty and more
Income Tax Return: Know changed rules, deadline, forms, penalty and more

New Delhi: The deadline to file the income tax return is close and the central government doesn’t seem to provide any exemptions to individuals who fail to do so this year.

Filing your tax returns on time helps you maintain a clean financial track record, which is further beneficial in getting access to loan approval, getting visas for hassle-free international travel and more.

Income Tax Department informed in its recent tweet, “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”.

Penalties: 

In case an individual fails to submit details about his or her income and taxes to be paid to the Income Tax Department of India by July 31, the act will be followed by a penalty of Rs 10,000.

Types of Forms: 

ITR (1)

1. ITR 1 or Sahaj ( for individuals with a total annual income below Rs 50 lakh)

2. ITR 2 ( Persons or Hindu Undivided Family (HUF) whose total income exceeds Rs 50 lakh in a financial year)

3. ITR 3 ( Individuals earning via business or profession)

4. ITR 4 ( for those whose income sources comes under Section 44 AD/44 AE and Section 44 ADA)

5. ITR 5 ( form to be filled by firms, LLPs, AOPs, BOIs, investment funds, and business trusts

6. ITR 6 ( those who can claim tax exemption under Section 11)

7. ITR 7 [ for individuals and firms who are bound to file thier returns under 139 (4A), 139 (4B), 139 (4C), 139 (4D), 139 (4E) and 139 (4F)]

Changes in ITR rules this year: 

ITR (2)

The senior citizens above the age of 75 years have been provided with an exemption from filing the ITR. This exemption came to the fore after been introduced in Union Budget 2021 as section 194P.

Meanwhile, a a 24-month window has been provided to file a revised ITR under several circumstances. An individual can now also pay their unpaid taxes of two years.

 

 

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