Time Limit to File ITR 2023: Finally, the deadline to file your Income Tax Return (ITR) has arrived, after several weeks of campaigns and awareness initiatives to encourage people to submit their tax returns on time. You can file your ITR until July 31. The heavy rainfall wreaked havoc in different states of India, and this has not been hidden from anyone. Due to the devastation caused by floods and heavy rains, many individuals are hoping for an extension in the ITR deadline once again.
What is ITR?
Income Tax Return (ITR) is a form in which taxpayers provide information to the Income Tax Department about their earned income and applicable taxes.
The tax authority has officially introduced seven distinct forms, specifically labeled as ITR-1, ITR-2, ITR-3, ITR-4, ITR-5, ITR-6, and ITR-7. Each taxpayer needs to file their ITR on or before the specified due date. The applicability of ITR forms varies based on different factors such as sources of income, the amount of earned income, and the category of the taxpayer (individuals, HUF, company, etc.).
Why should you file ITR?
You should file your ITR if:
- If you are seeking to obtain a refund on your income tax from the concerned tax department.
- You have earned income from foreign assets or have invested in them.
- In case you are planning to submit an application for a visa or a loan.
- You have any company or firm without caring about profits or losses.
- You have incurred a loss in business/profession or capital gains, and you want to carry it forward to subsequent years, which won’t be allowed until you file your return before the due date.
When is it mandatory to file Income Tax Returns (ITR) in India?
- If the aggregate of your earnings surpasses the fundamental exemption threshold.
- Even if your income is below the exemption limit, you must file your tax return if you fulfill any of these conditions:
- If you have deposited more than 1 crore rupees in your current bank account(s).
- If you have deposited a total of 50 lakh rupees or more in one or more savings bank accounts.
- If you have incurred expenses of 2 lakh rupees or more for foreign travel, either for yourself or for another person.
- If your electricity expenses exceed 1 lakh rupees during the previous year.
- If the TDS (Tax Deducted at Source) or TCS (Tax Collected at Source) deducted during the previous year is more than 25,000 rupees. For senior citizens (above 60 years), this limit is 50,000 rupees.
- If your business turnover is 60 lakh rupees or more during the previous year.
- If your professional income is 10 lakh rupees or more during the previous year.
- It is important to fulfill these criteria to ensure you comply with the mandatory filing of Income Tax Returns in India.
ITR Filing Last Date: Why are taxpayers hopeful for an extension in the deadline?
ITR Filing Live Update: Despite breaking records for the number of ITRs filed this year, there are still many taxpayers who might have missed the deadline due to various reasons like floods, heavy rains, etc. A recent survey found that more than 14% of individual taxpayers accepted that they won’t be able to meet the July 31 deadline.
ITR Filing Live Update: Income Tax Department can impose a 200% penalty for actual tax liability
As the Income Tax filing deadline is approaching, the Income Tax Department has become stringent against taxpayers who use fake rent receipts to save taxes. In an attempt to save taxes illegally, individuals may end up paying almost 200% of their actual tax liability.
ITR Filing 2023 Live Update: Step-by-step guide to filing ITR
As we have reached the last day to file ITR, here’s a brief step-by-step guide to e-filing your ITR:
- Navigate to the e-filing portal of the Income Tax Department.
- Enter your details and log in to the portal with your user ID (PAN), password, and captcha code.
- Access the “e-File” section and choose the option for “Income Tax Return” from the menu.
- Choose the ITR form. If you are a salaried taxpayer and have Form 16, you can use ITR-1 or ITR-2.
- Select the relevant Assessment Year (AY) for which you want to file ITR. This year, you should choose Assessment Year 2023-24.
- Fill in all the required data in the form and submit it.
- After submission, verify your form electronically using options like Aadhaar OTP, etc.
- Upload the form and verify the return.
ITR Filing 2023: Essential documents required for ITR filing
The mandatory documents required for filing your Income Tax Return are:
- Form 16
- Form 16A
- Form 26AS
- Capital gains details
- Tax-saving investment proofs
- PAN Card
- Medical insurance details, if applicable
ITR Filing 2023 Live Update: What to do if details go missing during e-filing?
In the past two days, many taxpayers have reported technical glitches during ITR filing, with some experiencing missing details. In response to one such complaint on Twitter, Income Tax India suggested clearing the browser cache and trying again. In case the issue persists, taxpayers were advised to share their details (PAN and mobile number) with orm@cpc.incometax.gov.in.
ITR Filing 2023: Last-minute tips! A 15-minute guide to filing your return
For those who haven’t yet filed their ITR, today is the last chance. Otherwise, they may face penalties or lose the opportunity to file their return. Here’s a 15-minute guide to filing your ITR, covering essential documents and the filing process.
ITR Filing 2023 Live Update: Record number of ITRs filed this year
The Income Tax Department has received a record number of ITRs in this financial year. More than 6 crore ITRs have already been filed until now for the Assessment Year 2023-24.
ITR Filing Deadline: Act fast! Today is the last chance to file your ITR
Today is the last chance for those who haven’t filed their ITR yet. Otherwise, they might face penalties or lose their chance to file the return.
Remember, filing your ITR on time is essential to avoid penalties and also to avail the benefits of claiming refunds, carry forward losses, and comply with tax regulations. So, act promptly and file your ITR before the deadline!
Read Also:- Breaking News: Bronny James, LeBron James’ Eldest Son, Cardiac Arrest During USC Basketball Practice
