CBDT double penalty for failing to file ITR before due date

CBDT doubles penalty for failing to submit ITR before the due date

• As per the income tax rules , individuals under 60 years of age who earn Rs 250,000 or more annually are required to submit an ITR,
• While the limit for senior citizens or those between 60 and 80 years of age is Rs 500,000.
• This year, the CBDT increased the penalty amount for missing the deadline by imposing a fine of up to INR 10K as opposed to the INR 5k imposed last year.
• Procedure of charging late filing fees under section 234F was introduced in the 2017 budget and became effective for the FY 2017-2018.
• High late filing fee is only relevant if the Gross income of the taxpayer, i.e. income after eligible deductions and tax exemptions, exceeds INR 500k in the existing FY.
• Individuals with a taxable income of up to INR 500k will have to pay a fine of INR 1k  if they file an ITR after 10 Jan 2021. For individuals with a taxable income of more than INR 500k, the very same penalty will be raised INR 10k.

Exemptions to the above-mentioned Income tax rule as a result of the modifications proposed by Govt of India, which specifies that the below categories of persons will not be excluded from the penalty.

1. Individuals who has make the deposited total more than INR 100,00,000/-, shall grow in 1 or more Indian bank accounts.

2. Individuals who have bear expenses more than INR 2,00,000/- due to international Travel.

3. Individuals who incur total costs of INR 2,00,000/- & more because of electricity consumption.

Late filing of ITR fees also confirms that interest payable on the tax refund is calculated on or after April 1 of the relevant AY. In the case of late filings, the individual loses some amount of interest.

CBDT Circular

CBTD allows to verify previous ITR one time relaxation for verification for the FY 2014-15 TO FY 2018-19

• The tax return filer effectively makes a declaration by reviewing the tax return that the information contained in the return are correct.
• Tax return must be checked within 120 days of the filing of the income tax return or any extended date announced by the tax department.
• Procedure for filing income tax returns is not complete until the tax return is checked. The return will not be processed by the tax department until, and until confirmed. If not confirmed, the return is invalid.

Note: if any lawsuits against taxpayers have been launched in view of the fact that the taxpayer has not filed a report for that year then the value of relaxation can not be used

What are Documents required for ITR filling ?

Benefits:-

• In the event of failure to acknowledge return, AO may initiate proceeding u / s 144 as such returns filed are deemed invalid.
• The carryforward of loss can get permitted,

E-file Income tax return with Form 16

The basic process of e-file income tax return with form-16 is as mention as follows:

• Pick option “File It Yourself” & click on the “File Income Tax Return Now” option at carajput.com and
• Share your income tax Form 16. After submitting form 16, Rajput Jain & Associates will fill the income tax Form 16 data.
• Verify your tax computation now and edit if needs.
• Approved Team members for “FILE MY RETURN” option and your filling will be completed!.

Can we Online file Income tax return without Form 16?

• Yes, even if you don’t have form 16 on available, you can still online file your income tax return. The software must be filled out with the necessary information, and you must finally submit the Income tax return.

E-verify the tax return.

• Selecting e-Verify Now will take your to the e-Verify page where you can e-Verify the return after uploading the return’s details.
• A success message, Transaction ID, and Acknowledgement Number will be presented after the ITR has been successfully e-Verified.
• A confirmation message will also be sent to the taxpayer’s registered mobile phone No & email address through the e-Filing income tax portal.

Timeline and methods for completing Online verify Income tax return process

• You are needed to complete the Online verify Income tax return process by either signing ITR manually or online mode within 120 days from the date of filing your Income Tax Return. You can find out the details here to know step by step procedure for both modes.
• There are so many methods to Online verify Income tax return:
  • Bank Account number
  • Demat Account.
  • Through Net banking
  • Physically sending ITR-V.
  • Through Bank ATM
  • Aadhaar OTP
• You may check and verify income tax return at income tax portal for the complete guide on e-verification.

ITR Filling due date for the AY 2022-23

All the Offline utility for filing income tax return under ITR 1 to ITR 7 for Assessment year 2022-23

• According to the income tax dept ITR 1 to ITR 7 online e-filing for Assessment year 2022–23 is now possible. All individuals all persons eligible to submit ITRs may download and utilise the offline ITR utilities, according to a notice on the Income Tax Department’s website. The current article provides an overview of the offline usefulness for ITR 1 to ITR 7 filing for Assessment year 2022–23.
• There are roughly 30 changes in the new ITR forms, and while some of them might not relate to you, others you should be informed with.
• Click here for further information on ITR Forms for the AY 2022-23 or FY 2021-22. ITR Forms for FY 2022-23

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