Income Tax Returns for FY 2021-22 (AY 2022-23)

Dear Readers,

Many of you must be aware that the due date of filing Income Tax Returns (“ITR”) for Financial Year 2021-22 (“FY 2021-22”) or say Assessment Year 2022-23 (“AY 2022-23”) for Individual / HUF/ AOP/ BOI, in whose case tax audit is not applicable is approaching and one needs to file the same latest by 31st July, 2022 for timely compliance of the same.

However, if the same could not be met due to any reason, one can file the same belatedly by 31st December, 2022.

Further, to bring your knowledge, we would like to mention here the repercussions of the case when ITR could not be filed within the original due date i.e., 31st July, 2022. 

  • Penalty u/s. 234F of ₹ 5,000/- if the total income exceeds ₹ 5,00,000/- and in other case it would be ₹ 1,000/-
  • Interest u/s. 234A at the rate of 1% for every month or part of a month on the unpaid tax amount,  comprised in the period commencing on the date immediately following the due date till the date of furnishing ITR

So, for your ready reference we have provided hereunder the various links of Income Tax portal, useful for filing ITRs. Please go through the same if you have any query regarding the filing of ITR.

1. Details of applicable Tax Slabs:

2. Find which ITR form is applicable to you:

3. How to file Income Tax Returns:

4. Availability of Deductions:

5. Common utility of filing ITR forms:

For any further assistance you may contact us or can reach us at mrinkblog@gmail.com. We would be happy to assist you in filing of timely return.

Advisory: Information relates to the law prevailing in the year of publication/ as indicated. The above article is only to enable public to have a quick and an easy understanding. Viewers are advised to ascertain the correct position/prevailing law before relying upon any document


Popular posts from this blog

Form 15CA in excel format

Image
On 14th June, 2021 the CBDT has provided relaxation regarding submission of form 15CA & 15CB in manual format to authorised dealer till 30th June, 2021. In this reference, we are providing herewith copy of Form 15CA in Excel Format for making compliance easier. You can download the same by clicking the below given link: Form 15CA in Excel Format:  Click here Form 15CA in PDF as per ITD:  Click here Also, below is the link of our earlier article wherein we have provided update regarding the details of Press Relaese whereby such relaxation is provided: Press release details:  Click here If you have any query related to the article please reach us via mail:-mrinkblog@gmail.com  Advisory: Information relates to the law prevailing in the year of publication as indicated. The above article is only to enable public to have a quick and an easy understanding. Viewers are advised to ascertain the correct position/prevailing law before relying upon any document.
Read more

Relief u/s. 89 of the Income Tax Act, 1961

Image
  Relief u/s. 89 is nothing but the tax relief available due to receipt of Salary arrears/ advances, so let's understand what is it and how and how to claim it. 1. Scenario in which Relief u/s. 89 is available : We all know that the income received as salary is taxable on receipt basis, which may also includes s alary arrears/  a dvance . Now, due to receipt of such arrears/ advance, the taxable salary of current year  might get assessed at a rate higher than that at which it would otherwise have been assessed and due to which one may have to pay higher taxes. To avoid this unreasonable tax incidents, the relief has been granted u/s. 89 of the Income Tax Act, 1961 for the amount of  difference in the tax liability arose due to receipt of arrears/ advances. Further, it is important to note that  relief is available only if tax liability for current year is getting higher due to receipt of such arrears/ advances but in case, if there is no extra tax liability the relief is als
Read more

Manage your home loan and take control of your finance like a Pro!

Image
Just two days back at office, I was discussing with one of my colleagues regarding increased rate of interest and its impact on country’s economy and individual’s finances and in that discussion, I come to know from my colleague that from his home loan’s EMI of ~₹30k, credit towards principal portion is only ~ ₹700...!!!!!  Being a finance person, I got furious that how come this possible and going further deep in discussion with him I have perused from his loan amortization schedule that tenure of loan also has got extended from 30 years to around 42 years along with increase in EMI from ~₹25k to ~₹30k (for outstanding loan amount of ~ ₹35lacs). The reason behind such abnormality, was hike in rate of interest from ~7% (applicable rate at the time when loan sanction) to ~9.5% (currently applicable rate of interest).  This might be the situation for most of the people who has borrowed for forming his/her dream home and many of you have also taken the right actions on time by managing fi
Read more