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Income Tax Return (ITR) filing dates for the 2022 – 2023 financial year are fast approaching and it’s time for all taxpayers to start preparing their tax returns. The last date for filing income tax returns (ITR) for the financial year 2022 – 2023 is 31 July 2023 and it is necessary for all taxpayers to take care of this deadline, otherwise they may have to pay interest charges and penalties.
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| INCOME TAX |
In this article, we will give you all the important information related to tax filing 2022 – 2023. Will cover all the important dates, process and important tips so that you don’t face any issues while filing income tax.
What is ITR?
ITR (Income Tax Returns) is a document that the taxpayer has to submit to the Income Tax Department every year. In every financial year, the taxpayer pays tax according to his earnings, (if the taxpayer comes in the tax slab) this tax document is called ITR.
Types of Income Tax Return (ITR)
- ITR 1
- ITR 2
- ITR 3
- ITR 4
- ITR 5
- ITR 6
- ITR 7
What is the Tax Filing Deadline 2023 India?
| Types of Taxpayers | Deadline for Tax Filing |
|---|---|
| Individuals/HUF/AOP/BOI | 31st July 2023 |
| Businesses | 31 October 2023 |
| Revised Return | 31 December 2023 |
One thing to note is that taxpayers who come under HUF / AOP / BOI and individual category do not need audit of their accounts. And those who come under in the business category, their accounts are required for audit.
HUF: HUF stands for “Hindu Undivided Family”. It is a business entity where Hindu, Sikh, Buddhist or Jain families comes together and do the same business. HUF is treated as a separate entity for the purpose of paying taxes.
AOP: AOP means where two or more persons forming a unit carry on business with the common object of earning income. An AOP is not a legal entity separate from its members and is taxed as a separate entity for income tax purposes.
BOI: BOI stands for “Book of income”. BOI stands for “Book of Income.” The Book of Income is a record or register maintained by taxpayers to record their income, expenses, deductions, and other financial transactions for the purpose of filing their income tax returns.
Why Tax Filing Deadlines 2023 Are Important?
Tax filing deadline 2023 is important because it is the last date (31st July) for taxpayers to file income tax return for the financial year 2022 – 2023. If the taxpayer is unable to file the tax return by the due date, he may have to pay penalty and interest charges. Also, last minute rush and hasty errors can be avoided by filing taxes by the deadline.
What Documents are Needed for Filing Income Tax Returns (ITR)
The documents required for filing income tax return depend on the source of income and the type of return filed. The documents required for filing income tax return depend on the source of income and the type of return filed. However, some of the required documents for filing ITR include: –
1. Form 16/16A – These are issued by the employer and there are details of the salary paid to the employee and the TDS deducted on the salary.
2. Form 26AS- Form 26AS is a consolidated tax statement that contains details of tax deducted or collected at source, advance tax paid, and self-assessment tax paid.
3. Bank Statement – These documents are required for computing interest income earned from savings accounts, fixed deposits and other sources.
4. Form 15G/15H – These are self-declaration forms to claims exemption from TDS on interest income.
5. Property Documents – These are needed to declare income from rent or capital gains.
6. Investment Proofs – These are needed to claim deductions under various sections of the Income Tax Act, such as Section 80C, 80D, 80E, etc.
7. Aadhaar Card – Aadhaar card must be linked with PAN card.
8. Pan Card – PAN card is very important for filing ITR.
How to File Income Tax Returns for 2022-2023?
Taxpayer can file tax return (ITR) through online or offline. You can file income tax return online by following these steps.
Step 1: Visiting the official website of Income Tax Department and register yourself.
Step 2. Login to the e-filing portal using your PAN and password.
Step 3. Click on the “File Income Tax Return” button and select the appropriate form.
Step 4. Fill in all the necessary details, including personal information, income details and tax deducted at source (TDS) details.
Step 5. Upload the required documents, including form 16 and other supporting documents.
Step 6. Review your tax return and click on the “submit” button.
Step 7. Pay any tax due, if applicable, and verify your tax return.
Taxpayers can also file their income tax return by visiting the income tax office or designated tax return preparer (TRP) centers.
How Can I Check the Status of My Income Tax Return (ITR)?
You can check the status of your Income Tax Return (ITR) in the following ways: –
1. Login to the Income Tax e-Filing website – After logging in, go to the ‘My Account’ tab and select ‘e-Filed Returns/Forms’. You will be able to see the status of your filed returns here.
2. Check Via SMS – Send an SMS to 09223966666 in the format: “ITRSTATUS<SPACE> <10 DIGIT ACKNOWLEDGEMENT NUMBER>” to know the status of your ITR.
3. Check via mobile app – Download the income tax department’s mobile app and login using your credentials. Go to the ‘service’ tab and select ‘ITR Status’ to know the status of your ITR.
4. Call the CPC – You can call the Centralized Processing Center (CPC) at 18001034455 to know the status of your ITR.
The status of your ITR can be ‘Submitted and pending for e-verification’, ‘Processed’, ‘Pending for Processing’, ‘Defective’, or ‘Outstanding Tax Demand’. If the Status is ‘Defective’, it means there are errors in your ITR, and you need to rectify them. If the status is ‘Outstanding Tax Demand’, it means there is a pending tax liability, and you need to pay it to avoid penalties.
What are the penalty provisions if the taxpayer does not file the income tax return by the due date?
Here are the penalties for late filing of tax returns: –
- A penalty of Rs. 5,000 for filling returns after the deadline but before December 31, 2023.
- A penalty of Rs. 10,000 for filling returns after December 31, 2023.
- A penalty of Rs. 1000 for taxpayers whose income is less than Rs. 5 lakhs.
Common Mistake to Avoid While Filing Income Tax Returns (ITR)
- Filling the wrong ITR form
- Failing to report all income
- Incorrect information in the form
- Not verifying the return
Some tips to File Income Tax on time
1. Collect all the Necessary Documents: Taxpayers should collect all the documents including Form 16, Form 26AS and bank statements for accurate and timely tax filing.
2. File Tax Returns Early: Filing tax returns early saves taxpayers from last minute rush and mistakes made in haste.
3. Seek professional help: Taxpayers can take the help of tax professionals or chartered accountants to file taxes on time. Taxpayers can also use online tax filing software to file taxes quickly and efficiently.
4. Verify Tax Returns: After filing the tax return, taxpayers should ensure that all the details are correct. Taxpayers can verify the tax return through the Income Tax website or by sending a signed physical copy of the verified form to the Income Tax Department.
Tax Filing Deadline 2023 FAQ
1. What is the last date for filing Income Tax Return (ITR) 2022-2023?
The last date for filing Income Tax Return (ITR) 2022-2023 is 31 July 2023. July 31, 2023, date for taxpayers whose accounts are not required to be audited. The last date for filing income tax returns for those whose accounts are audited is 31 October 2023.
2. What are the penalties for late filing of income tax returns?
- A penalty of Rs. 5,000 for filling returns after the deadline but before December 31, 2023.
- A penalty of Rs. 10,000 for filling returns after December 31, 2023.
- A penalty of Rs. 1000 for taxpayers whose income is less than Rs. 5 lakhs.
3. Can taxpayers file their income tax returns after the deadline?
Yes, Taxpayers can file their income tax returns after the deadline. But for late payment they may have to pay some penalty and interest charges.
4. How to File ITR (Income Tax Returns)
- Offline
- Online
Key Takeaways
The tax filing deadline 2023 India is an important deadline for taxpayers to file their income tax returns for the financial year 2022-23.
Failing to file tax returns by the deadline can result in penalties and interest charges.
The last date for filing Income Tax Return (ITR) 2022-2023 is 31 July 2023. July 31, 2023, date for taxpayers whose accounts are not required to be audited. The last date for filing income tax returns for those whose accounts are audited is 31 October 2023.
Taxpayer can file tax return (ITR) through online or offline.
Taxpayers can check status of their Income Tax Return (ITR) by login income tax department official website, check via SMS, check via mobile app, call on cpc.
Taxpayers can also file their income tax return by visiting the income tax office or designated tax return preparer (TRP) centers.
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