Income Tax Return (ITR) filing is no more an option now. Time to time, Government has tried to cover all most all people whether or not they are in profit or doing business. To avoid any litigation, it is always advisable to file ITR before due dates because of its various merits.
Due date for ITR Filing for AY 2022-23
The due date of Income Tax return (ITR) for FY 21-22 or AY 22-23 is as follows-
|Category of Taxpayer||Due Date|
|ITR of Individual / HUF/ AOP/ BOI/ Firm/ LLP/ AJP/ Local Authority/ Co-operative society (unaudited)||31st July 2022|
|Submission of Tax audit report u/s 44AB||30th September 2022|
|ITR of audited cases||31st October 2022|
|Report to be filed u/s 92E||31st October 2022|
|Businesses (Requiring TP Report)||30th November 2022|
|Revised Return||31st December 2022|
|Belated/Late Return||31st December 2022|
Compulsory to File Income Tax Return
1. Business sale exceeds Rs 60 lakh
CBDT has now made mandatory to file income tax return (ITR) whose total business turnover is more than Rs 60 lakh in a year irrespective of the net profit.
2. Professional Receipt exceeds Rs 10 lakh
CBDT has also now made mandatory to file income tax return (ITR) whose total gross receipt from the profession is more than Rs 10 lakh in a year irrespective of the net profit.
Read Also: 15 Reasons you may get Income Tax Notice
3. Total TDS & TCS more than Rs 25,000
The government has now made it compulsory for an individual to file income tax returns if his/her total TDS/TCS during the fiscal is Rs 25,000 or more even if the individual’s gross earnings is below the basic exemption limit. For the senior citizens, this rule will apply if the individual’s total TDS/TCS is Rs 50,000 or more in a
given financial year.
4. Deposit in saving accounts exceeds Rs 50 lakh
Any person whose deposits in a saving bank account are more than Rs 50 lakh in a fiscal too will also have to compulsorily file ITR irrespective of his/her income level.
5. Deposits in current accounts exceeds Rs 1 crore
Any person whose deposits in a current bank account are more than Rs 1 crore in a fiscal too will also have to compulsorily file ITR irrespective of his/her income level.
6. Electricity expenses over Rs 1 lakh
People who incur large expenses with regards to electricity bill payment, will have to file their ITR compulsorily.
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7.Expenses on foreign travel over Rs 2 lakh
The person who goes to foreign travel already need to go with lot of formalities. Now one more added for filing ITR if total expense on foreign travel exceeds Rs 2 lakh
8. Total income exceeds Rs 2.5 lakh
ITR is mandatory if your gross total income (before allowing any deductions under section 80C to 80U) exceeds Rs 2.5 lakhs in FY 2020-21. This limit is Rs 3 lakh for senior citizens (aged above 60 but less than 80) or Rs 5 lakhs for super senior citizens (aged above 80).
9. Company or a Firm
You are a company or a firm irrespective of whether you have income or loss during the financial year, ITR filing is mandatory.
- Return filing is mandatory if you are a Resident individual and have an asset or financial interest in an entity located outside of India. (Not applicable to NRIs or RNORs).
- If you are a Resident and a signing authority in a foreign account. (Not applicable to NRIs or RNORs).
- You are required to file an income tax return when you are in receipt of income derived from property held under a trust for charitable or religious purposes or a political party or a research association, news agency, educational or medical institution, trade union, a not for profit university or educational institution, a hospital, infrastructure debt fund, any authority, body or trust.
- If you are a foreign company taking treaty benefits on transactions in India.
- You want to carry forward a loss under a head of income.
Read Also: 10 common mistakes to avoid while filing ITR
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