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Income Tax Return: Before this date, fill the income tax return for the assessment year 2022-23, otherwise you will have to pay penalty

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Income Tax Return AY 2022-23: The filing of Income Tax Return for the financial year 2021-22 and assessment year 2022-23 has started from June 15, 2022. If you have received Form-16 from your office, then file income return immediately. Because gradually the load will increase due to filing of returns by more taxpayers on the Income Tax E-filing website. If you want to avoid the problems in income tax filing, then file Income Tax Return (ITR) immediately without waiting for the last date.

File Income Tax Return before 31st July, 2022
The last date for filing Income Tax Returns without any late fee for FY 2021-22 and Assessment Year 2022-23 is July 31, 2022. If you file income tax return after this date, then you will have to pay interest on tax along with late fee under section 234A and under section 234F of income tax.

ITR filing date
The due date for filing income tax return for any individual, HUF is 31st July, 2022. On the other hand, the last date for filing income tax returns for businesses that require audit is October 31, 2022. The last date for filing income tax return for businesses that require TP report is November 30, 2022.

Penalty for late filing
If you filed income tax return after the due date i.e. after July 31, 2022 and before December 31, 2022, then a penalty fee of Rs 5,000 will have to be paid. But if the annual taxable income of the taxpayer is less than Rs 5 lakh, then penalty fee of Rs 1,000 will have to be paid.

Quickly fill ITR to get quick refund
If you have filed your income tax return for the assessment year 2022-23 ahead of time, then you will get your refund soon from the tax department. Delay in processing can also lead to delay in getting refund due to rush due to late filing of income tax return. Suppose you have paid more tax than what is due on you, then after filing the income tax return, you will get the refund which will be made on the outstanding tax department as a refund.

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