{"id":3995,"date":"2018-04-27T00:02:34","date_gmt":"2018-04-26T18:32:34","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=3995"},"modified":"2022-06-27T00:06:26","modified_gmt":"2022-06-26T18:36:26","slug":"things-shouldnt-be-miss-while-filling-new-itrs-form","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/things-shouldnt-be-miss-while-filling-new-itrs-form\/","title":{"rendered":"Things Shouldn\u2019t be miss while Filling New ITRs Form"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_58 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<p class=\"ez-toc-title\">Page Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-69edc69f8e8b9\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #000000;color:#000000\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #000000;color:#000000\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-69edc69f8e8b9\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/carajput.com\/blog\/things-shouldnt-be-miss-while-filling-new-itrs-form\/#What_is_the_Challenges_Faced_By_people_When_Filing_Their_ITRs\" title=\"What is the Challenges Faced By people When Filing Their ITR&#8217;s?\">What is the Challenges Faced By people When Filing Their ITR&#8217;s?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/carajput.com\/blog\/things-shouldnt-be-miss-while-filling-new-itrs-form\/#Things_Shouldnt_be_miss_while_Filling_New_ITRs_Form\" title=\"Things Shouldn\u2019t be miss while Filling New ITRs Form\">Things Shouldn\u2019t be miss while Filling New ITRs Form<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/carajput.com\/blog\/things-shouldnt-be-miss-while-filling-new-itrs-form\/#Increased_focus_on_E-assessments_to_avoid_tax_evasion\" title=\"Increased focus on E-assessments to avoid tax evasion\">Increased focus on E-assessments to avoid tax evasion<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/carajput.com\/blog\/things-shouldnt-be-miss-while-filling-new-itrs-form\/#Tenants_PAN_mandatory\" title=\"Tenant\u2019s PAN mandatory\">Tenant\u2019s PAN mandatory<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/carajput.com\/blog\/things-shouldnt-be-miss-while-filling-new-itrs-form\/#New_ITR-1_Sahaj_only_for_Ordinary_Resident_Of_India\" title=\"New ITR-1 (Sahaj) only for Ordinary Resident Of\u00a0India\">New ITR-1 (Sahaj) only for Ordinary Resident Of\u00a0India<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/carajput.com\/blog\/things-shouldnt-be-miss-while-filling-new-itrs-form\/#Additional_details_required_in_ITR_-1-_on_%E2%80%98Income_from_Salaries_and_%E2%80%98Income_from_House_Property\" title=\"Additional details required in ITR -1- on \u2018Income from Salaries\u2019 and \u2018Income from House Property\u2019\">Additional details required in ITR -1- on \u2018Income from Salaries\u2019 and \u2018Income from House Property\u2019<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/carajput.com\/blog\/things-shouldnt-be-miss-while-filling-new-itrs-form\/#New_ITR_form_Like_ITR-2_and_ITR-3\" title=\"New ITR form Like ITR-2 and ITR-3\">New ITR form Like ITR-2 and ITR-3<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/carajput.com\/blog\/things-shouldnt-be-miss-while-filling-new-itrs-form\/#Required_to_fill_Schedule_Foreign_Assets\" title=\"Required to fill Schedule Foreign Assets\">Required to fill Schedule Foreign Assets<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/carajput.com\/blog\/things-shouldnt-be-miss-while-filling-new-itrs-form\/#Effect_of_Income_Computation_Disclosure_Standards_on_Profit_Reporting_Under_Schedule_ICDS\" title=\"Effect of Income Computation Disclosure Standards on Profit (Reporting Under Schedule ICDS):\">Effect of Income Computation Disclosure Standards on Profit (Reporting Under Schedule ICDS):<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/carajput.com\/blog\/things-shouldnt-be-miss-while-filling-new-itrs-form\/#List_of_Documents_are_required_to_file_ITR\" title=\"List of Documents are required to file ITR\">List of Documents are required to file ITR<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/carajput.com\/blog\/things-shouldnt-be-miss-while-filling-new-itrs-form\/#Due_Date_of_ITR_filling_for_the_AY_2022-23\" title=\"Due Date of ITR filling for the AY 2022-23\u00a0\">Due Date of ITR filling for the AY 2022-23\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/carajput.com\/blog\/things-shouldnt-be-miss-while-filling-new-itrs-form\/#Person_signing_the_tax_return_needs_to_declare_in_what_capacity_he_is_filing_the_tax_return\" title=\"Person signing the tax return needs to declare in what capacity he is filing the tax return, \">Person signing the tax return needs to declare in what capacity he is filing the tax return, <\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/carajput.com\/blog\/things-shouldnt-be-miss-while-filling-new-itrs-form\/#Consequences_if_we_dont_file_an_ITR_on_or_before_the_due_date\" title=\"Consequences if we don\u2019t file an ITR on or before the due date\">Consequences if we don\u2019t file an ITR on or before the due date<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/carajput.com\/blog\/things-shouldnt-be-miss-while-filling-new-itrs-form\/#What_are_the_ITR_filing_deadline_ie_July_31_2022\" title=\"What are the ITR filing deadline ? i.e July 31, 2022\">What are the ITR filing deadline ? i.e July 31, 2022<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/carajput.com\/blog\/things-shouldnt-be-miss-while-filling-new-itrs-form\/#Penalty_for_belated_ITR\" title=\"Penalty for belated ITR\">Penalty for belated ITR<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/carajput.com\/blog\/things-shouldnt-be-miss-while-filling-new-itrs-form\/#The_Penalty\" title=\"The Penalty\">The Penalty<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/carajput.com\/blog\/things-shouldnt-be-miss-while-filling-new-itrs-form\/#Latest_Update\" title=\"Latest Update :\">Latest Update :<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<p><a href=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2018\/04\/tax-return2-getty.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-8732\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2018\/04\/tax-return2-getty-1024x768.jpg\" alt=\"www.carajput.com; Tax return\" width=\"808\" height=\"607\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2018\/04\/tax-return2-getty-1024x768.jpg 1024w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2018\/04\/tax-return2-getty-300x225.jpg 300w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2018\/04\/tax-return2-getty-768x576.jpg 768w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2018\/04\/tax-return2-getty.jpg 1200w\" sizes=\"(max-width: 808px) 100vw, 808px\" \/><\/a><\/p>\n<h2 class=\"co8aDb\" role=\"heading\" aria-level=\"3\"><span class=\"ez-toc-section\" id=\"What_is_the_Challenges_Faced_By_people_When_Filing_Their_ITRs\"><\/span><span style=\"color: #000080;\"><b>What is the Challenges Faced By people When Filing Their ITR&#8217;s?<\/b><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The taxation process is complex. The forms required to file returns are incredibly complicated. There are various fields on these forms that need to be filled in. The nomenclature being used must also be understood.<\/p>\n<p>Any error made when filing the returns has the potential to ruin the whole thing. The main difficulties that people encounter when completing and submitting their income tax returns are covered here.<\/p>\n<div class=\"RqBzHd\">\n<ul class=\"i8Z77e\">\n<li class=\"TrT0Xe\">When the employer does not give HRA benefits.<\/li>\n<li class=\"TrT0Xe\">Failure to enter the correct details.<\/li>\n<li class=\"TrT0Xe\">Mismatch of important details.<\/li>\n<li>Failure to calculate some deductions which can be claimed.<\/li>\n<li class=\"TrT0Xe\">Incorrect computation income.<\/li>\n<li class=\"TrT0Xe\">Different form 16s for individual who have changed their jobs<\/li>\n<\/ul>\n<\/div>\n<h2><span class=\"ez-toc-section\" id=\"Things_Shouldnt_be_miss_while_Filling_New_ITRs_Form\"><\/span><span style=\"color: #ff0000;\"><strong><em>Things Shouldn\u2019t be miss while Filling New ITRs Form<\/em><\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Increased_focus_on_E-assessments_to_avoid_tax_evasion\"><\/span><span style=\"color: #000080;\"><strong>Increased focus on E-assessments to avoid tax evasion<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li style=\"text-align: justify;\">The Government\u2019s focus on e-assessments is an effort to use information technology to effectively assess tax returns and fix tax compliance issues. The new <a href=\"https:\/\/carajput.com\/income-tax-services.php\">income tax return (ITR)<\/a> forms for financial year (FY) 2017-18 attempts to digitally collect as much information as possible, to process the tax returns efficiently.<\/li>\n<\/ul>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Tenants_PAN_mandatory\"><\/span><span style=\"color: #000080;\"><strong>Tenant\u2019s <a style=\"color: #000080;\" href=\"https:\/\/carajput.com\/services\/permanent-account-number-pan.php\">PAN<\/a> mandatory<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li style=\"text-align: justify;\">The new ITR-2 form requires tax payers to furnish the PAN of the tenant while providing details of income from house property, if available. This move should give more data to the Revenue Authorities to enable them to reconcile the PAN of the tenant and the landlord, where an exemption for House Rent Allowance (HRA) is claimed, since employees need to furnish PAN of their landlord to the employer.<br \/>\nThe new forms also requires the PAN of the tenant to be furnished (in the TDS Schedule) by landlords, since individual tenants paying rent in excess of Rs 50,000 are required to deduct tax at source from FY 2017-18 onwards.<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"New_ITR-1_Sahaj_only_for_Ordinary_Resident_Of_India\"><\/span><span style=\"color: #000080;\"><strong>New ITR-1 (Sahaj) only for Ordinary Resident Of\u00a0<\/strong><\/span><span style=\"color: #000080;\"><span style=\"font-size: 18.72px;\">India<\/span><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li style=\"text-align: justify;\">Similar to last year, Form ITR-1 (Sahaj) can be filed by individual taxpayers who have Income from salaries, one house property, other sources (interest etc.) and whose income is less than Rs 50 lakh.<\/li>\n<li style=\"text-align: justify;\">This is a simplified form, but can be used only by an Ordinary Resident (OR) in India. By removing Non-Resident (NR) and Not Ordinarily Resident (NOR) taxpayers from the scope of ITR-1,<\/li>\n<li style=\"text-align: justify;\">Income tax Authorities have made sure that all the returns filed under ITR-1 are simple and have the same scope of income. This should help the authorities process these returns faster.<\/li>\n<\/ul>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Additional_details_required_in_ITR_-1-_on_%E2%80%98Income_from_Salaries_and_%E2%80%98Income_from_House_Property\"><\/span><span style=\"color: #000080;\"><strong>Additional details required in ITR -1- on \u2018Income from Salaries\u2019 and \u2018Income from House Property\u2019<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-20128\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2018\/04\/ITR-New.jpg\" alt=\"ITR New\" width=\"856\" height=\"1284\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2018\/04\/ITR-New.jpg 700w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2018\/04\/ITR-New-200x300.jpg 200w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2018\/04\/ITR-New-683x1024.jpg 683w\" sizes=\"(max-width: 856px) 100vw, 856px\" \/><\/p>\n<ul>\n<li style=\"text-align: justify;\">The new ITR-1 seeks additional details on \u2018Income from Salaries\u2019 and \u2018Income from House Property\u2019 which were not required to be furnished last year. Tax payers would now be required to provide the breakup of salary, for example taxable allowances, value of perquisites, deduction for professional tax etc., and details of income from house property such as gross rent received, tax paid on property, interest payable etc. This would give a better picture of how income from these heads have been computed.<\/li>\n<\/ul>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"New_ITR_form_Like_ITR-2_and_ITR-3\"><\/span><span style=\"color: #000080;\"><strong>New ITR form Like ITR-2 and ITR-3<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li style=\"text-align: justify;\">The new ITR-2 form can be used by individuals and <a href=\"https:\/\/carajput.com\/services\/hindu-undivided-family.php\">Hindu Undivided Families (HUFs)<\/a> who do not have any income from business or profession, unlike last year where information regarding partnership firm could be furnished in ITR-2 itself. This change has separated the taxpayers with any kind of income from business or profession, who would now be required to file either form ITR-3 or ITR-4-Sugam, which require extensive details to be furnished. Individuals qualifying as NR can receive their refund in a foreign bank account, by providing the details of any one foreign bank account in the new ITR-2 form, which specifically mentions the same.<\/li>\n<\/ul>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Required_to_fill_Schedule_Foreign_Assets\"><\/span><span style=\"color: #000080;\"><strong>Required to fill Schedule Foreign Assets<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li style=\"text-align: justify;\"><strong>Applicability Of Schedule Foreign Assets:<\/strong>\u00a0If an individual (not being a citizen of India) is in India for a business purpose, employment or student visa purposes and he acquires any asset during the previous year in which he was a non-resident, such asset shall not be required to be reported in Schedule FA \u2013 details of foreign assets and income if no income is derived from that asset during the current previous year. That means the\u00a0requirement to fulfill schedule FA is only for\u00a0<strong>Resident Indian<\/strong>\u00a0who is having Income from any sources outside India, or signing authority in any account located outside India.<\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><span style=\"color: #000080;\"><strong>Report in Schedule ICDS?<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\">Earlier there was two accounting standard for Income tax purpose:<\/p>\n<ul style=\"text-align: justify;\">\n<li>Method of Accounting<\/li>\n<li>Method of Valuation Of Stock<\/li>\n<\/ul>\n<p style=\"text-align: justify;\">But from Current Assessment year 2017-18 Department introduced some new<\/p>\n<p style=\"text-align: justify;\">Accounting standards and impact of these standards has to be disclosed by assessee while uploading return in schedule ICDS.<\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Effect_of_Income_Computation_Disclosure_Standards_on_Profit_Reporting_Under_Schedule_ICDS\"><\/span><span style=\"color: #000080;\"><strong>Effect of Income Computation Disclosure Standards on Profit (Reporting Under Schedule ICDS):<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul style=\"text-align: justify;\">\n<li>Accounting Policies<\/li>\n<li>Valuation of Inventory<\/li>\n<li>Construction Contract<\/li>\n<li>Revenue Recognition<\/li>\n<li>Tangible Fixed Assets<\/li>\n<li>Change in Foreign Exchange Rates<\/li>\n<li>Government Grants<\/li>\n<li>Securities<\/li>\n<li>Borrowing Cost<\/li>\n<li>Provisions, Contingent Liabilities and Contingent Assets<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"List_of_Documents_are_required_to_file_ITR\"><\/span><span style=\"color: #000080;\"><strong>List of Documents are required to file ITR<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>There are a few documents that are typical when completing an ITR even if they vary according on the source of income. Also keep in mind that you do not need to submit or upload any papers to the internet; rather, it is recommended that you keep them on hand so that you can fill out the necessary information accurately, save time, and prevent common mistakes.<\/p>\n<ul>\n<li><strong>PAN Card<\/strong><\/li>\n<li><strong>Aadhaar Card<\/strong><\/li>\n<li><strong>Bank Account Statements<\/strong><\/li>\n<li><strong>Bank Account Details<\/strong><\/li>\n<li><strong>Challan Details<\/strong><\/li>\n<li><strong>Original Return\/Notice<\/strong><\/li>\n<li><strong>Information or documents of chapter VI Deduction <\/strong><\/li>\n<\/ul>\n<p>We may check the whole list of documents for Income tax return filing\u00a0when we have house property, income from salary, other sources and capital gains<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Due_Date_of_ITR_filling_for_the_AY_2022-23\"><\/span><span style=\"color: #000080;\"><strong>Due Date of ITR filling for the AY 2022-23\u00a0<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-22472\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2016\/04\/ITR-Calender-AY-2022-23..jpg\" alt=\"ITR Calendar AY 2022-23\" width=\"839\" height=\"504\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2016\/04\/ITR-Calender-AY-2022-23..jpg 493w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2016\/04\/ITR-Calender-AY-2022-23.-300x180.jpg 300w\" sizes=\"(max-width: 839px) 100vw, 839px\" \/><\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Person_signing_the_tax_return_needs_to_declare_in_what_capacity_he_is_filing_the_tax_return\"><\/span><span style=\"color: #000080;\"><strong>Person signing the tax return needs to declare in what capacity he is filing the tax return, <\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li style=\"text-align: justify;\">Verification in the new <a href=\"https:\/\/carajput.com\/income-tax-services.php\">ITR<\/a> forms have added a new line, where the person signing the tax return needs to declare in what capacity he is filing the tax return and that he is competent to prepare the return and verify it. This puts more onus on persons preparing and filing the tax return by ensuring that they confirm the information submitted through the tax return. The previous forms only asked taxpayers to verify that the information submitted through the tax return is correct.<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Consequences_if_we_dont_file_an_ITR_on_or_before_the_due_date\"><\/span><span style=\"color: #000080;\"><strong>Consequences if we don\u2019t file an ITR on or before the due date<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Below are results if we do not file our ITR on or before the timeline:-\u00a0Non-filing of Income tax return. Few of them are are mention below:<\/p>\n<ul>\n<li>We needed to Pay Interest U\/s 234A @ 1% per month for late filing of income tax return.<\/li>\n<li>Late filing fee applicable u\/s 234F\u00a0up to INR 5000\/- depending upon taxable income &amp; date of income tax return filing will be levied.<br \/>\nWe can not carry forward the losses from our business or profession.<\/li>\n<li>Lose Interest on refunds.<\/li>\n<li>We may receive the income tax Notice from the Tax Dept.<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"What_are_the_ITR_filing_deadline_ie_July_31_2022\"><\/span><span style=\"color: #000080;\">What are the ITR filing deadline ? i.e July 31, 2022<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>The FY 2022\u201323 (the AY 2022-23) ITR filing date is July 31, 2022. It is advised to submit your ITR prior to the deadline, which is July 31, 2022. Read on to learn what will happen and what choices are open to a taxpayer who wants to file his or her ITR beyond the deadline if, for any reason, you are unable to do so before the deadline of July 31, 2022.<\/li>\n<\/ul>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Penalty_for_belated_ITR\"><\/span><span style=\"color: #000080;\"><strong>Penalty for belated ITR<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li style=\"text-align: justify;\">Taxpayers would need to pay a fee of Rs 5,000, if their tax return is filed after the due date (i.e., 31 July) and before 31 December of the subsequent FY.<\/li>\n<li style=\"text-align: justify;\">Fee payable will be Rs 10,000 if the tax return is filed after 31 December of the subsequent FY.<\/li>\n<li style=\"text-align: justify;\">The new ITRs have appropriate space to capture this information wherever applicable.<\/li>\n<li style=\"text-align: justify;\">Taxpayers should be mindful of this change, as till FY 2016-17, there was no fee payable for delay in filing of tax return till the end of the subsequent FY (i.e., 31 March). This would ensure that tax returns are filed in a timely manner and the Revenue Authorities have adequate time to process the same.<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"The_Penalty\"><\/span><span style=\"color: #000080;\"><strong>The Penalty<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>The deadline for submitting a belated ITR for the fiscal year 2021\u201322 (AY 2022-23) is December 31, 2022 Unless the government extends it. A late filing charge will be assessed if an ITR is submitted after the deadline (July 31) but before December 31, 2022.<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Latest_Update\"><\/span><span style=\"color: #000080;\"><strong>Latest Update :<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>The CBDT has announced the ITR forms for the FY 2021\u201322 (A Y 2022-23) in the first week of April, . Due to the complexity of the new forms and the early notification of them, assessees will have more time to prepare the necessary paperwork and supporting documentation.\u00a0 So you must make sure that you disclose everything while filing your forms. 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.<\/li>\n<\/ul>\n<p><a href=\"https:\/\/www.incometax.gov.in\/iec\/foportal\/downloads\">ITR Forms for FY 2022-23\u00a0<\/a><\/p>\n<p>More read:<\/p>\n<ul>\n<li><a href=\"https:\/\/carajput.com\/blog\/how-to-file-tds-return-online\/\">How to file a return of TDS online<\/a><\/li>\n<li><a href=\"https:\/\/carajput.com\/blog\/new-revise-tds-tcs-return-filing-due-date-payment-due-date\/\">New revise TDS\/TCS due date for filing Return and Payment for the year 2020<\/a><\/li>\n<li><a href=\"https:\/\/carajput.com\/learn\/key-features-of-tcs-on-goods-sale-section-206c-1h-applicable-from-1-october-2020.html\">key features of TCS on goods sale section-206c<\/a><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>What is the Challenges Faced By people When Filing Their ITR&#8217;s? The taxation process is complex. The forms required to file returns are incredibly complicated. There are various fields on these forms that need to be filled in. The nomenclature being used must also be understood. Any error made when filing the returns has the &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[1306,1315],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/3995"}],"collection":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/comments?post=3995"}],"version-history":[{"count":5,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/3995\/revisions"}],"predecessor-version":[{"id":7127,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/3995\/revisions\/7127"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=3995"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=3995"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=3995"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}