As per the update released by the Central Board of Direct Taxes (CBDT), an extension has been granted by the CBDT department for the due date of filing Income Tax Returns (ITR). Earlier the due date prescribed for filing returns was 31st October 2022 and now after the extension, the extended date is 7th November 2022. However, this extension is granted specifically to certain categories of assesses. The extended due date is applicable to all the taxpayers where audit is necessary. So, all the businesses that are necessary to conduct audit are allowed an additional seven days to file their tax returns.
Here is a copy of the circular released by the CBDT department.
Government of India
Ministry of Finance
Department of Revenue
Central Board of Direct Taxes
New Delhi, 26th October, 2022
PRESS RELEASE
CBDT extends due date for furnishing Return of Income for the Assessment Year 2022-23
The Central Board of Direct Taxes (CBDT) has extended the due date of furnishing of Return of Income under sub-Section (1) of Section 139 of the Income-tax Act, 1961 (the Act) for the Assessment Year 2022-23, for the category of assessees for whom the due date is 31st October, 2022, to 07th November, 2022.
CBDT Circular No. 20/2022 in F.No.225/49/2021/ITA-II dated 26.10.2022 issued. The said Circular is available on www.incometaxindia.gov.in.
(Surabhi Ahluwalia)
Pr. Commissioner of Income Tax
(Media & Technical Policy)
Official Spokesperson, CBDT
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Reminder! Filing of return beyond the deadline can attract a penalty of up to Rs. 5000/-. However, where the total income of the person is less than Rs. 5 Lakh, then the fee payable is Rs. 100/-.
What if Return not filed within the due date?
No worries, we have a solution! If you failed to file your return within the prescribed due date then, a belated return can be filed. But for your information, late penalty shall be chargeable of Rs. 5000/- even if belated return is filed. Where, the total income of the person if less than Rs. 5 Lakh then the fee payable is Rs. 1000/-.
It is advised by our experts to not to wait for the last minute and file return as soon as possible before the due date .
So, This was the update that we have presented before for all our taxpaying readers to know and be aware of the latest updates and news releases by the Income Tax Department. Stay tuned and know more of it and keep learning and gaining knowledge with us !
