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Arjuna (Fictional Character): Krishna, the calendar year 2022 is about to end, and the new year is about to start. How should a taxpayer prepare himself for this year’s December ending?

Krishna (Fictional Character): Arjuna, the month of December is very important for all Taxpayers. In few days we are going to say Good-bye to current year and this month will be chance for taxpayers to file their Income Tax Returns for FY 2021-22.

Arjuna (Fictional Character): Krishna, why 31/12/2022 is an important date for Income Taxpayers?

Krishna (Fictional Character): Arjuna, following are the things to be kept in mind-

1. Income Tax Return: 31st December 2022 is the last date to Late belated return for FY. 2021-2022.

2. Revised Income Tax Return: 31st December 2022 is also the Late date for filing Revised returns for FY. 2021-2022.

Arjuna (Fictional Character): Krishna, what is the applicable Late Fees if the taxpayer is filing his Belated return?

Krishna (Fictional Character): Arjuna, the belated return could be filed without paying any late fees if the Total Income in the Financial Year is Less than Rs 2,50,000 and if the Income is between 2,50,000 and Rs 5,00,000 then 1000 Late Fees is applicable and if the income is greater than 5,00,000 then 5,000 Late Fees is applicable.

Arjuna (Fictional Character): Krishna, what are the consequences of not filing ITR before 31st December 2022?

Krishna (Fictional Character): Arjuna, if the Income tax return Is not filed up to 31st December 2022, then the taxpayer will no longer be able to file Income Tax Return of FY 2021-22. If any taxpayer wants to claim refund for FY 2021-22 then the same cannot be claimed after 31st December 2022.

Arjuna (Fictional Character): Krishna, what should one learn from this?

Krishna (Fictional Character): Arjuna, the assesses should make sure, to avoid last minute rush they should file their ITR as early as possible. In life the most important thing that takes a person towards success is “Discipline” and these measures taken by the government for not extending the due dates will bring “Financial Discipline” in the country. Taxpayers should support by giving their contributions and filing timely returns. Taxpayers have last opportunity to file Income Tax returns for the year 2021-22. Wish all of you a very happy, healthy & wealthy new year.

Author Bio

1. Central Council Member of ICAI. 2. Vice-Chairman of WIRC of ICAI for the period 2015-2021. 3. Youngest Chairman of Aurangabad Branch of WIRC of ICAI in 2002. 4. Author of Popular Tax articles series based on Krishna and Arjuna conversation i.e “KARNEETI” published in Lokmat on every View Full Profile

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May 2024