ITR Filing: The date of filing Income Tax Return for the assessment year 2021-22 has been extended by three months till December 31, 2021.
ITR Filing: The government has recently extended the date of filing income tax return for the assessment year 2021-22 by three months. The date for filing income tax return for AY 2021-22 has been extended by three months till December 31, 2021. According to the guidelines of CBDT, if a taxpayer is not able to file the return by this date, then he will have to pay the late fee and file the belated ITR. There are many things to be done before filing income tax return. If you have missed something then definitely check out this list.
Link Aadhaar with PAN
This is the most important thing to do before filing the return. You have to link your Permanent Account Number (PAN) with your Aadhaar. At the same time, the deadline for linking PAN-Aadhaar has also been extended. Now it can be linked till 31 March 2022.
Link PAN with bank account
Don’t forget to link your bank account with PAN. Income Tax Department will transfer the refund to your account online only. If you forget to link it, you will not be able to get a refund.
Declaration of Tax Saving Investments
While filing ITR, you will have to give information about your investments for deductions and exemptions. At the same time, for this, first you find out how much more you will have to invest to get exemption under section 80C. This will be in addition to EPF (employees’ provident fund), tuition fee of the child, life insurance premium, etc.
Late filing of ITR
It is advisable to file ITR on time, but if for some reason you are unable to do so, you can file a late return. If the taxable income is more than Rs 5 lakh, then a penalty of Rs 10 thousand will have to be paid, while if it is up to Rs 5 lakh, then a penalty of Rs 1 thousand will be imposed.
Income declaration on new job
If you have changed jobs in the business year, then do your income declaration. You will have to declare the old income with the new employer. If you do not do this then your employer can add tax liability again for deduction after accounting.
