Income Tax Last Date 2023 : The last day to file income tax is approaching. Until when you can submit IT return without penalty, see?
At present the number of citizens paying income tax in the country is gradually increasing. In case of income above 5 lakhs per annum (in the old system) certain amount of money has to be paid as tax to the government. It is mandatory for the citizens to submit this income tax. Even if a person has low income, he can also file ITR. Government can know the income and investment details of taxpayers through ITR. The last date for filing income tax returns for the financial year 2022-23 has been announced. Already ITR form is available online, offline as well.
How to File Tax Returns : https://www.incometax.gov.in/iec/foportal/help/all-topics/tax-payer/individual/how-to-file-tax-returns
How to File Tax Returns : https://www.incometax.gov.in/iec/foportal/help/all-topics/tax-payer/individual/business-professional/how-to-file-tax-returns
Central Board of Direct Taxes, Government of India :
The Central Board of Direct Taxes or CBDT has brought forward the income tax return forms for the financial year 2022-23 through notifications issued on February 10 and 14, 2023. Since then ITR e-filing has started.
Click here for More Details Regarding Central Board of Direct Taxes, Government of India : https://incometaxindia.gov.in/Pages/default.aspx
The Income Tax Department has fixed July 31, 2023 as the last date for filing income tax returns for salaried employees and taxpayers. This refers to account holders whose accounts are not required to be audited. Till this date, taxpayers can file ITR online or offline. The ITR form will be applicable for each taxpayer as per his income.
What happens if ITR filing deadline is missed?
If ITR is not filed by 31 July 2023, a penalty of Rs 1,000 to Rs 5,000 will be imposed.
Click here for Income Tax Return : https://www.incometax.gov.in/iec/foportal/
Click here for 1st Time Registration : https://eportal.incometax.gov.in/iec/foservices/#/pre-login/register
Click here If Already Registered : https://eportal.incometax.gov.in/iec/foservices/#/login
Will this penalty be paid even if the taxable amount is zero?
This penalty is payable even if the final taxable amount is nil.
Income & Tax Calculator : https://eportal.incometax.gov.in/iec/foservices/#/TaxCalc/calculator
Can the notice be issued by the Income Tax Department?
Also, notices may also be issued by the Income Tax Department. At the same time, the Income Tax department may also want to know the reason why the ITR filing deadline was missed. Besides, in case of late ITR filing, taxpayers will face some loss for set-off in future years.
Click here for e-Verify Return : https://eportal.incometax.gov.in/iec/foservices/#/pre-login/eVerifyReturn-bl
Should a taxpayer file ITR on or before 31 July 2023 to opt for the new concessional tax regime?
A taxpayer has to file ITR on or before 31 July 2023 to opt for the new concessional tax regime. Income tax payers will not be able to opt for the new tax regime if they file their ITR late. Now any income tax payer can easily file income tax return by himself.
The All-New e-Filling Portal! https://www.incometax.gov.in/iec/foportal/sites/default/files/2021-06/The_All_New_e-Filing_Portal.mp4?hl=en
How much money to pay extra?
For those whose annual income is between Tk 2.5 lakh and Tk 5 lakh, the late fee is Tk 1000. And if the annual income is more than 5 lakhs, you have to pay 5000 rupees. Those who are unable to deposit income tax by July 31, have to appeal separately. A form called ‘ITR U’ has to be filled again. It is necessary to know why the income tax could not be deposited on time.
Read More : ITR Filing AY 2023-24 : Latest Updates, Check latest updates !
