Income Tax returns News
The government reported that more than 5 crore ITRs for the assessment year 2022–23 had been submitted. The Twitter hashtag "#Extend Due Date Immediately" was trending amid requests for a deadline extension. During the most recent fiscal year 2020–2021, 5.89 crore ITRs were submitted by the extended deadline of December 31, 2021.
Only 40% of IT returns, as reported on the official portal, had been completed as of yesterday, July 27. If you don't pay your taxes until July 31, 2022, interest at the rate of 1% will be added to the unpaid balance. The taxpayer will therefore be required to repay the unpaid tax and interest retroactively to July 31.
Taxpayers who earn a living as a freelancer have the option of deducting expenses spent while working as a freelancer from their income. However, freelancers are not eligible for the Rs 50,000 standard deduction when submitting ITR. Salaried taxpayers who additionally did some freelancing during the fiscal year are eligible for the standard deduction.
ITRs can be verified until February 28, 2022, regardless of whether they are delayed due to non-submission of ITR-V or e-verification. The tax agency will finish the returns by June 30, 2022, once the ITR has been authenticated. According to the new income tax laws, the ITR must be validated within 120 days of filing.