: Income Tax Dept reminds filing of ITR before July 31 to avoid penalty #FinanceIndia #StockMarketNEWS Income Tax Dept reminds filing of ITR before July 31 to avoid penalty New Delhi, July 26 (KNN)

@StockMarketNEWS Sun 31 Jul, 2022

Posted in: #FinanceIndia #StockMarketNEWS #FileNow

Income Tax Dept reminds filing of ITR before July 31 to avoid penalty #FinanceIndia #StockMarketNEWS
Income Tax Dept reminds filing of ITR before July 31 to avoid penalty New Delhi, July 26 (KNN) The last date to file income tax return (ITR) is July 31 and penalty will be imposed on those who fail to do so.

The government is not considering the deferment of the deadline despite slew of requests across social media platforms.

"Dear taxpayers, Do remember to file your ITR if you havent filed yet. The due date to file ITR for AY 2022-23 is July 31, 2022. No time to spare #FileNow . Pl visit: www.incometax.gov.in," the Income Tax Department said on its official Twitter handle.

A delay in filing ITR can lead to a penalty of Rs 10,000.

Through ITR, a person is supposed to submit to the Income Tax Department of India information about the income and the taxes to be paid on it during the year.

If an individuals income exceeds the exempted limit, s/he must file tax returns. Under the new tax regime, the exemption limit is set at Rs 2.5 lakh.

The Income Tax Department has prescribed seven types of ITR forms, whose applicability will depend on the nature and amount of income and the type of taxpayer. (KNN Bureau)