ITR AY 22-23: Last Date of Filing ITR for FY22 for Salaried, Companies, Others

Know the due date for different categories of taxpayers and what will happen if you miss ITR filing.

Every individual taxpayer is liable to pay income tax. For the assessment year 2022-23, the process of filing income tax return (ITR), through which taxpayers declare income and how much tax they have to pay, is currently on. The last date to file the income tax return (ITR) for financial year 2021-22 or assessment year 2022-23 is 31 July 2022.

There are various categories of taxpayers, and the last date of filing ITR varies from one taxpayer to another on the basis of various categories. Make sure to note the due dates of filing the income tax returns. If any person misses the ITR deadline, he will have to pay a hefty penalty as late filing fee and interest charged on the tax liability.

Details About ITR forms and Due Dates for FY22

1)People with salaried jobs and other individuals who do not require to audit their accounts should file their ITR by 31 July 2022.

2) The last date to file the income tax return for Hindu Undivided Families, who do not have to sit for an audit is 31 July 2022.

3) Taxpayers who need to audit their accounts can file their ITR by 31 October 2022. This rule stands for an individual, working partners of a firm, a company or other entities such as proprietorship, firm who audit their accounts from chartered accountants to file income tax returns.

4) As per section 92E of the Income Tax Act, 1961, every person enters into an international transaction or a specified domestic transaction must have a report from a chartered accountant and he must furnish it on or before a specified date in the prescribed form. It must be signed and verified by the accountant in a prescribed manner. The last date for filing income tax return for this category of taxpayers is 30 November 2022.

Consequences of Not Filing ITR within the Due Date

• If any individual misses to file the income tax return within the due dates, they can file it later with penalty and interest. There was no penalty for late taxpayers until the assessment year 2017-18. But now the rule has been amended by the Union finance ministry.

• As per the section 139 (4) of the Income Tax Act, 1961, taxpayers are allowed to file their tax return after due date with a late fee. Individual taxpayers will have to pay a late fee of Rs 5,000 if they miss to file the ITR by 31 July. If the total income of the person is less than Rs 5 lakh in a financial year, then he will have to pay a late fee of Rs 1,000.

Moreover, the taxpayers may also be charged an additional interest as penalty under Section 234A of the Income Tax Act, 1961 if they file the ITR after the deadline. If you have any unpaid tax liability, then penal interest will be charged depending on your case.

The interest on late filing of ITR will be charged at the rate of 1 percent on the outstanding amount every month. Remember that it is calculated from the first day (after due date) till the day you file the ITR. However, if you do not have any tax liability, you will not have to pay the interest due to the belated filing of ITR.