Income tax Return (ITR) filing for AY 2022-23 latest news update: More than 13 lakh ITRs have been filed after July 31, which was the last date of return filing for salaried individuals and HUFs.
According to the latest Income Tax website data, the total number of returns filed for AY 2022-23 increased to 5.96 crore as on 15 August 2022. Till July 31, the total ITRs filed was over 5.83 crore.
Over 4.72 ITRs have been verified by tax filers till 15 August. The tax department has processed more than 3.9 crore verified ITRs. It is mandatory for taxpayers to verify their ITRs after filing it.
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The tax department processes the verified ITRs, issues intimation noticae and income tax refunds (if any) thereafter.
Penalty for late filers
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Taxpayers have to pay a penalty for late filing. The income tax department can levy a penalty of Rs 5,000 under section 234F for belated ITR filing. However, if taxable income is below Rs 5 lakh, the penalty amount is Rs 1,000.
The belated return for FY 2021-22 (AY 2022-23) can be filed on or before 31st December 2022.
Who can file ITR without penalty even now
Taxpayers, whose accounts are subject to auditing, can file their returns by 31st October 2022.
According to the Income Tax website, 31 October 2022 is the due date of ITR filing for the assessment year 2022-23 if the assessee (not having any international or specified domestic transaction) is a corporate-assessee or non-corporate assessee (whose books of account are required to be audited). 31st October 2022 is also the due date for partners of firms whose accounts are required to be audited or the spouse of such partner if the provisions of section 5A apply.
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Section 5A is applicable in the case of individuals covered under the Portuguese Civil Code, which is applicable only in Goa and; the Union Territories of Daman and Diu and; Dadra and Nagar Haveli.
Important points to check while filing ITR
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- Give correct and pre-validated bank account details in ITR to avoid any refund failure
- Form 26AS, AIS/TIS should always cross-verified
- Check last year’s ITR form to consider any carried forward losses from last year
- Analysis of old vs new regime to select the best regime
- After filing ITR, one should remember to E-verify the ITR within 120 days, ITR will be considered as ITR not filed if ITR is not E-verified
- Select the correct ITR form on basis of your Income to avoid a defective return notice
