Income Tax Return Filling 2023 deadlines –
Income Tax Return employees and individuals who are not required to get their accounts audited for the assessment year 2023-24! The last date to file your Income Tax Returns (ITR) is July 31. It’s essential to take this deadline seriously as failure to comply can lead to penalties.
According to a survey conducted by local circles, it has been revealed that more than 14% of individual taxpayers have admitted that they might miss the July 31 deadline. Additionally, the survey highlighted that 27% of respondents are yet to submit their tax returns, attributing the delay to the monsoon floods.
Acting quickly is essential given the impending deadline in order to avoid any last-minute snags. Filing your ITR on time not only helps you fulfill your tax obligations but also allows you to review your financials and ensure accuracy in reporting your income and deductions.
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What happens if you miss ITR filling deadlines 31 July –
If you miss the intended deadline of July 31, you can still file a belated return until December 31, but please be aware that a late fee will be charged.
Income Tax Return Filling details –
All taxpayers have received an important reminder from the Income Tax Department of India to submit their Income Tax Returns (ITR) for the assessment year 2023–24 by the deadline of July 31. More than 5 crore ITRs have already been filed on the e-filing portal, with 4.46 crore of them being successfully verified.Given that Sanjay Malhotra,
the Revenue Secretary, recently said that there has been no consideration of extending the deadline past July 31, 2023, it appears doubtful that it would be extended.The Income Tax Department earnestly urges those who have not yet filed their ITRs to complete the process before the deadline.
ITR filing deadline extensions have not been officially proposed as of July 27. Sanjay Malhotra, the Revenue Secretary, said it is unlikely that deadline extensions will be made.. Tax experts also agree that without any official announcement from the Tax Department, an extension seems improbable.
Filing income tax returns is a vital civic duty that ensures the country’s economic growth and development. The taxes collected from citizens are instrumental in providing essential services and infrastructure that benefit society as a whole. For each taxpayer to make a meaningful contribution to the development of the country, tax obligations must be met promptly.
Steps to File ITR Fillings –
Filing your ITR need not be intimidating. Follow these simple steps to ensure a smooth and hassle-free process:
Gather All Documents: Collect all your income-related documents, including Form 16 from your employer, interest certificates, and other investment-related papers.
Choose the Appropriate ITR Form: There are different ITR forms available, so select the one that corresponds to your income source and category.
Sign up on the e-filing website: If you haven’t already, register for an account on the official Income Tax e-filing portal.
Fill in the Details: Carefully enter all the necessary details in the respective sections of the ITR form. Make sure to confirm the accuracy of the data supplied.
Declare Your Income and Deductions: Mention your total income earned during the financial year and claim deductions applicable to you. Ensure that you have proper evidence for claiming deductions.
Review and Submit: Thoroughly review all the information filled in the form. If everything is accurate, submit the form electronically.
Verify Your ITR: After submission, you need to verify your ITR. This can be done through Aadhar-based OTP, electronic verification code (EVC), or by sending a signed physical copy to the Centralized Processing Center (CPC).
Monsoon effect the ITR filling 2023 –
Chartered accountants believe that taxpayers in several states are facing difficulties in filing their Income Tax Returns (ITR) amid heavy rainfall and floods. Considering the challenges, the Income Tax Department and the Ministry of Finance may contemplate extending the deadline in these affected states. Many taxpayers in these flood-affected states are encountering hardships, and providing them some relief is essential.
According to Amit Gupta, Managing Director of SGI Infotech, “These regions need to be granted some exemptions.”
What is (Finnancial year )FY and AY ( Assessment Year)
The return you are currently filing is for the assessment year 2022-23, which covers the income earned between April 1, 2022, and March 31, 2023. The assessment year is the year in which you submit your return and declare your investments for tax determination.The assessment year will run from April 1, 2023, to March 31, 2024, during the fiscal year (in this case, 2022-23) for which you are receiving revenue.
Hence, the assessment year for tax determination will be 2023-24.
Not sure whether you should file your Income Tax Return or not? Read our article! Use ClearTax to e-file your ITR instantly! –
If you are a salaried individual, you can simply upload your Form 16, and ClearTax will automatically prepare your return and assist you in completing the e-filing process within minutes –
For freelancers or small businesses like grocery stores or e-commerce sellers operating under Section 44AD or 44ADA, ClearTax is the easiest place to e-file your ITR-4. Our CA-assisted service can prepare and e-file your income tax return. Feel free to check out our CA-assisted plans here. ClearTax automatically selects the suitable ITR form for you.
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