ITR Filing AY 2022-23: Know How To File ITR For FY 2021-22 Online And Penalty For Missing Deadline

According to the details given by the IT department, more than 2.3 crore income tax returns were filed till July 20 for the financial year 2021-22, and the numbers, this time are expected to go up.

By Anushka Vats
Sat, 30 Jul 2022 01:32 PM IST
Minute Read
ITR Filing AY 2022-23: Know How To File ITR For FY 2021-22 Online And Penalty For Missing Deadline

As the final date to file Income Tax Returns (ITR) arrives in a day away, all taxpayers across the country are suggested to file their ITR before the last date. The Income Tax Department has set July 31 as the due date to file ITR for the financial year 2021-22 (FY22). In case, a person misses the last date, he/she will be charged with a late fine of up to Rs 5,000.

The department levies fines under section 234F of the Income-tax Act, 1961. The fine, however, is not the same for everyone. It varies as per the income of different individuals. The penalty for people earning an income up to Rs 5 lakh will not exceed Rs 1,000.

According to the details given by the IT department, more than 2.3 crore income tax returns were filed till July 20 for the financial year 2021-22, and the numbers, this time are expected to go up.

How To File ITR Online:
Filing income tax returns is now an easy task. You can just follow the steps and you are done paying the tax.

Step 1: Visit the portal of the Income Tax Department--www.incometaxindiaefiling.gov.in--and register using your Permanent Account Number (PAN), which will serve as the user ID.

Step 2: Tap on the 'Download' option and go to e-filing under the relevant assessment year and choose the required Income Tax Return form. You will be then required to download ITR-1s (Sahaj) return preparation software if you are a salaried individual.

Step 3: Now, open the downloaded Return Preparation Software (excel utility), follow the instructions, and enter the details from your Form 16.

Step 4: Compute tax payable, pay tax and enter relevant challan details in the tax return. If you do not have a tax liability, this step can be skipped.

Step 5: Confirm the entered details and generate an XML file. The file will be automatically saved on your computer.

Step 6: Select 'Submit Return' and upload the XML file.

Step 7: You can sign the file digitally and if you don't have a digital signature, you can skip the step.

Step 8: You are almost done. You will now receive a confirmation related to your successful e-filing. The acknowledgment form - ITR-Verification is also generated and the same can be downloaded. It is also emailed to your registered email id.

Step 9: You can verify the return by any one of the following modes:

1) Netbanking,
2) Bank ATM,
3) Aadhaar OTP,
4) Bank Account Number,
5) Demat Account Number, or
6) Registered Mobile Number & E-mail id.

Meanwhile, a person can get himself/herself landed into legal trouble for not filing the ITR by the due date as the income tax department has the right to initiate prosecution proceedings under certain conditions.

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