Accordingly, a separate schedule DI requires taxpayers to provide the details of the investment or payments or expenditure for which they wish to claim a tax deduction or exemption.

What is the last date for investment for FY 2021 22?

The Central Government recently increased the deadline for ITR filing for the assessment year 2021-22 from July 31 to September 30, 2021, in view of the second wave of Covid-19 pandemic and the subsequent difficulties faced by taxpayers.

How long does it take to get a refund check?

As per the procedure, the Income Tax Department processes the refund only after processing your ITR. Generally, it takes 30-45 days from the date of e-verification of your Income Tax Return to get your refund credited.

When does Thabo need to submit his provisional tax return?

Thabo is a provisional taxpayer and he needs to submit his second provisional tax return for the 2022 tax year of assessment (March 2021 to 28 February 2022.) His ‘basic’ amount per his 2021 Tax Assessment ( ITA34) is R 300 000.

When does Thabo get his tax return for 2022?

In August 2022, Thabo completes his 2022 tax return (ITR12) and receives his Tax Assessment ( ITA34) which puts his actual taxable income at R 255 000 for the year. His estimate of R 200 000 was less than 90% of actual taxable income (90% x R 255 000 = R 229 500) and also less than his ‘basic’ of R 300 000.

What are the tax thresholds for the year 2022?

The tax thresholds for the 2022 tax year is: R 87 300 if you are under 65 ; or R 135 150 if you are older than 65 and younger than 75; or R 151 150 if you are older than 75

When do provisional tax returns need to be submitted?

Provisional taxpayers also need to submit an ITR12 tax return (just like regular/non-provisional taxpayers), except the due date for this is 31 January the following year (11 months after the tax season closed).