Income tax rates and due dates for AY 22-23

What is the definition of income tax?

A direct tax and an indirect tax are the two types of tax imposition. Income tax is a type of direct tax that is levied on the basis of the assessee’s earnings. Salary, house property, business, capital gain, and income from other sources are examples of different types of income. If the assessee’s total income after taking the Chapter VI-A deduction exceeds the taxable income limit, he must pay income tax.

Due Dates for Filing Income Tax Returns in FY 2021-22

Individuals, HUFs, Firms, LLPs, Companies, Trusts, and AOP/BOIs are all different types of taxpayers. The due date varies depending on whether the matter is an audit or a non-audit, as specified in section 139. 

Filing Deadline for AY 2022-23 Income Tax Returns (Non-Audit Situations)

The common due date for filing an income tax return by an assessee whose books of account are not subject to scrutiny is July 31, 2022.

Tax Audit Report (3CA-3CD/3CB-3CD) Due Dates

For all kinds of assessees whose accounts must be audited, the due date for filing a Tax Audit Report is one month before the due date for providing the return of income under section 139, sub-section (1).

ITR Due Dates for AY 2022-23 (Revised & Belated)

For AY 2022-23, the due date for filing a revised and belated income tax return is three months before the end] of the relevant assessment year or before the completion of the assessment, whichever comes first, i.e. December 31, 2022.

Tax Returns for A.Y. 2022-23 must be filed by March 31st, or a penalty of INR 5,000 will be imposed.

The income tax agency has issued notices to taxpayers on the late filing of tax returns for the financial year 2022-23, as well as a penalty of INR 5000. The maximum penalty for late filing shall not exceed Rs 1000 if the taxpayer’s total income does not exceed Rs 5 lakh.

Filing Deadline for AY 2022-23 Income Tax Returns

Assessees have to file a report under section 92E.

• Assessors who are obligated to submit a report under section 92E have until November 30, 2022 to file their income tax returns.
• For the previous year 2020-21, the due date for furnishing a Report from an Accountant by people entering into an international transaction or a defined domestic transaction under section 92E of the Act is at least one month before the due date for filing a return u/s 139. (1)

Dates for filing income taxes in advance for the fiscal years 2022 and 2023

If the assessee’s tax liability exceeds Rs 10,000 in a financial year, the assessee must pay advance tax.

15th June (15%) | 15th September (45%) | 15th December (75%) | 15th March (15%) (100 percent )

The assessee who is subject to sections 44AD and 44ADA (i.e. Presumptive Income) must pay the advance tax by the 15th of March of the previous year. Any tax paid before the 31st of March, however, will be considered as Advance Tax.