The deadline for filing Form ITR 2021–22 for individuals whose returns are not audited is July 31, 2022. (AY 2022–23). A return of income must be filed by the date specified by the Income Tax Department, except for corporate assesses and non-corporate assesses whose accounting records are required to be audited, partners of firms whose accounts are required to be audited and the spouses of such partners, if the provisions of section 5A apply, and assesses who are required to file a report under section 92E.
Who is obligated to submit an ITR?
According to tax laws, a person must file a tax return if their gross yearly income reaches 2,50,000 other than a senior citizen , and 3,00,000 for a senior citizen in a fiscal year under the new tax system. The annual gross income consists of profits from many sources, such as salary, real estate, capital gains, etc.
If an individual or HUF’s total income, before deductions and exemptions, exceeds the statutory exemption level, they must submit a tax return. Individuals must record overseas travel costs above 2 lakh on their tax returns (ITR). When filing taxes, account holders must reveal any transactions involving cash that exceed Rs. 10 lakh in a fiscal year or Rs—50 lakh in a current account. Income tax returns for the fiscal year 2019–20 are now available.
Those who pay more than 1 lakh in electricity bills or deposit more than one crore into current accounts must file ITRs. Any income you get from a foreign nation must be included in your total income since it is taxed in India if you are a resident. The Indian Income Tax Act, 1961, often known as NRI taxes, applies to individuals who earn income outside their country of residence. Before claiming a capital gains tax deduction under sections 54, 54B, 54D, 54EC, 54F, 54G, 54GA, or 54GB, an individual’s gross total income cannot exceed the basic exemption level; otherwise, tax filing is required.
Who is excluded from submitting a tax return?
If they meet specific standards stipulated in the Income Tax Act of 1961, super-elderly individuals 75 and older will no longer be required to submit ITRs beginning in FY 2021–22. Through the Finance Act of 2021, a new Section 194P was introduced to the Income Tax Act of 1961, establishing the criteria for an exemption from submitting income tax returns for senior citizens. If you were 75 or older in the prior year, i.e., in FY 2021–2022, you are excused from filing an ITR if you are a resident of India. You must also have interest income from the same designated bank from which you get your pension, and you must present the specified bank with a declaration that results in your ITR exemption.
In conclusion, even though the whole ITR filing process with company registration has become almost computerised, the taxpayer must exercise vigilance to utilise the suitable forms, record the exact details of income/deductions, etc., since non-reporting/misreporting has varying repercussions under the Act.