Latest ITR update 2022 where Revenue Secretary said – Do not consider extending the ITR filing last date of July 31

Know the process of filing ITR here

5 Things to keep in mind while filing ITR

5 THINGS TO KEEP IN MIND WHILE FILING ITR
Choose The Correct ITR Form
Give Correct Income Information
Do Not Give Wrong Information About Exempt   and Tax Free Income
Give Accurate Personal Information
Verify The Tax Return

The last date for filing Income Tax Return (ITR) is near. The last date for filing ITR for the financial year 2021-22 or assessment year 2022-23 for individual and salaried employees who do not require account audit is July 31, 2022.

Still, many taxpayers have not filed their returns, in the hope that the government may extend the deadline for filing ITR. However, Revenue Secretary Tarun Bajaj clarified that the Center is not looking at extending the July 31 deadline.

More than 2 crore returns filed so far

A recent survey revealed that more than 50% of the taxpayers have not yet filed ITR and 37% said that it is difficult to do so till the deadline. According to the IT department, more than 2 crore returns for the year 2022-23 have been submitted through the e-filing system so far.

ITR Filing updates on Future Dates

The revenue secretary said, “People were thinking that the dates would be extended as it has happened in earlier times. Due to this reason the pace of filing returns was slow in the beginning, but now 15-18 lakh returns are being submitted daily. In the coming days, it may increase to 25-30 lakhs.

Expected filing on the last day

In the last financial year (2020-21), around 5.89 crore ITRs were filed till the extended deadline of December 31, 2021. Bajaj said, “Last time 9-10% (over 50 lakh) people filed returns on the last day. This time, I have asked my people to be ready for 1 crore returns on the last date.

"As of now, the last date for filing ITR has not been considered," he said. Bajaj said that feedback is being received from taxpayers that filing return forms has become very easy and refunds are being done in less time.

Regime wise tax details

Tax Details on Different Categories of Annual Income
Annual Income (Rs.)	New Tax Regime	Old Tax Regime
Upto 2.5 Lac	Free	Free
2.5 to 5 Lac	5%	5%
5 lac to 7.5 Lac	10%	20%
7.5 Lac to 10 Lac	15%	20%
10 Lac to 12.5 Lac	20%	30%
12.5 Lac to 15 Lac	25%	30%
Above 15 Lac	30%	30%

How can I file Income Tax Return?

ITR Filing Steps – Online

First, go to the official site of Income Tax Department https://eportal.incometax.gov.in/iec/foservices/#/login

Enter your User ID and then click on Continue. Enter your password and login. If you do not remember the password, you can create a new password through Forgot Password.

A new page will open, click on e-file. Select ‘File Income Tax Return’ option.

Select the assessment year 2021-22 and then continue.

You will get the option for Online and Offline filing. Select Online and select 'Personal' option.

Now choose either ITR-1 or ITR-4 option and continue.

If you are salaried then select ITR-1. The form will download on your system. Then go to 'Filling Type' and select 139(1) - Original Return.

The selected form will open in front of you, in which fill all the requested information and keep saving. Fill in the bank account details correctly.

After filling all the details download and review the form for correct entry and then click on submit

ITR Filing Steps – Offline

If you select offline mode above, then after filling all the information in the download form, you will see the option of Attach File, where you can attach your form.

After attaching the file, the site will validate the file and click on “Proceed to Verification” after validation.

In this way, your return will be filed within few minutes and now you can do E-Verification to verify your return.

FAQ's

For any queries pertaining to ITR filing, contact us on https://planettechnopedia.com/ or write to us on [email protected], [email protected]

Sincerely,

Planet Technopedia Team