Finance Buddy

The last date for filing an  income tax return  (ITR) for FY 2021-22 (AY 2022-23) is July 31, 2022. In the previous two years, the government extended ITR filing and other income tax-related deadlines due to the novel coronavirus pandemic and glitches in the newly launched income tax portal. However, with things going back to normal, is there a chance of the  ITR filing deadline  being extended this year as well?   On July 2, 2022, the  income tax department  on its official Twitter handle said that there is irregular traffic causing taxpayers issues accessing the income tax department e-filing website (i.e., the new e-filing portal launched last year). As per the tweet, “It has been noticed that taxpayers are facing issues in accessing ITD e-filing portal. As informed by @Infosys, they have observed some irregular traffic on the portal for which proactive measures are being taken. Some users may be inconvenienced, which is regretted.” With taxpayers c...

Delaying filing returns till the last minute Blind belief in pre-filled details, hiding Form 16 from previous employers, and failure to declare details of property transactions, even though there is nil tax, are some of the pitfalls to avoid while filing I-T returns With hardly a fortnight to file the  income-tax returns  for assessment year 2022-23 (when income for the financial year 2021-2022 is accounted for) without penalty, it is high time one got the paperwork in order. The erroneous filing of  tax returns  could delay the process. Also, a hurdle of revised returns could follow. Here are some errors that chartered accountants have noticed in the current return-filing season. IMG Source: MoneyControl The rate of filing I-T returns has been low so far in July 2022. “The speed of filing has been lacklustre in the first week of July as hardly 69 lakh filings have been done in June and 7 crore are yet to be done. Taxpayers aren’t convinced about the deadline of July...