File Income Tax Returns On Time, These Will Be Big Benefits

The last date for filing returns for the financial year 2021-22 i.e. assessment year 2022-23 of income tax is July 31, 2022. Employed, businessmen and professionals, capital gains from capital assets, income from house property, income from business and profession, and women taxpayers earning other sources like interest, dividend, etc., whose income exceeds the taxable limit. They must file their income tax returns by the prescribed time limit. Apart from this, such women businessmen and professionals whose books of account are under section 44AB of the Income Tax Act. are compulsorily subject to a tax audit. They have to file income tax returns by 31 October 2022, but the tax audit report will have to be uploaded on the online filing portal of the Income Tax Department by 30 September 2022.

Important information while filing Income Tax Return: At the time of filing an Income Tax Return, the taxpayer has to submit his Form 26AS on the e-filing portal of Income Tax. Must be matched with income figures. Details of self-deposited income tax and various income received TDS. Including the department. Now AIS on this portal. (Annual Information Statement) Income Tax Department includes capital gains arising from purchase and sale of shares, debentures, mutual funds, purchase and sale of movable and immovable property, purchase of a vehicle, expenses of foreign travel, bank interest, dividend, and other expenses and investments. The information is being provided by the Income Tax Department. Therefore, this information must be matched while filing the income tax return, so that the income tax payer can declare those cases accordingly in his income tax return, otherwise, in the future, the Income Tax Department will take action to investigate and verify them.

Benefits of Income Tax Returns: There are many benefits of filing income tax returns on time. Home loans, vehicle loans, and other personal loans are a prerequisite for filing income tax returns for taxpayers to get from banks or other financial institutions. If any error has been made in the second income tax return. Error in the computation of income tax, error in claiming deductions or exemptions if any have been omitted from declaring taxable income. Then the timely filed return can be revised till December 31, 2022.

Disadvantages of Late Income Tax Return: If the return is filed on time, this year's loss will get the benefit of adjustment from the next year's income and the tax burden will be reduced. The return for the financial year 2021-22 i.e. assessment year 2022-23 of income tax can be filed with a late fee till December 31, 2022. Therefore, salaried or business women have to pay special attention to filing returns on time. Only then will it be possible to protect them from the proceedings of the Income Tax Department. One thousand rupees to women on taxable income up to five lakhs for late filing of income tax returns. Five thousand rupees for the late fee and more than five lakh rupees. A late fee has to be paid.