Income tax return last date 2023-24

Updated: January 8, 2023: 11:01 pm ET. Let’s talk about tax refunds… and when taxpayers might get theirs in 2023. This has been the top question we get for more than 10 years: “ When will I get my tax refund?” The answer is never exact, but we are able to make some educated guesses based on a few factors. [The estimated refund date chart is below if you just want to scroll down.] If you’ve had major income changes this year, had a child, got married or divorced, retired, bought a house, or changed investments, or made any other really significant life changes, you should definitely seek the advice of a tax professional like a CPA or EA in order to make sure you are complying with tax laws, and also taking advantage of new changes that could benefit you. Will the 2023 tax filing season be normal? It will likely be closer to normal than it has been since 2019, the last tax filing season before COVID-19 caused widespread office closures, even at the IRS, which delayed the 2020 tax filing deadline by several months. The pandemic also ushered in many tax credits and deductions for businesses, as well as stimulus payments for most Americans. These were also sometimes given as a credit on a taxpayer’s taxes, if they did not receive payment directly. [The estimated refund date chart is below if you just want to scroll down.] Most individual taxpayers won’t have such issues for this tax season. For clarification, the weeks leading up to the April 18, 2023, deadline is when American...

New Delhi: People in India, like anyplace else in the globe, must pay income tax. Income tax returns are used to file income tax returns. People also reveal their income using this. At the same time, income tax returns are filed for various income levels. However, keep in mind that certain people’s income tax would be deducted to the tune of 30%. The deadline for submitting income tax returns to reveal income generated in fiscal year 2022-23 is July 31, 2023. New tax regime Finance Minister Nirmala Sitharaman made numerous key announcements under the new tax structure while presenting the Budget 2023. She eased taxation for many low-income groups and promoted tax-saving initiatives. During this, she stated that if a taxpayer decides to file tax under the new tax system in the fiscal year 2023-24, they may be required to pay a maximum of 30% tax. However, there are many tax brackets for those with varying earnings. If a person’s yearly income exceeds Rs 15 lakh, he would be required to pay 30% income tax under the new regime. Old tax regime However, if a person files an ITR under the old tax scheme in the fiscal year 2023-24, he may be required to pay a maximum tax of 30%. Previously, if a person’s income was greater than Rs 10 lakh on filing an income tax return, he was subject to a 30% tax. Under the new tax system: • Income tax for earning between Rs 0 and 3 lakh is nil. • Income beyond Rs 3 lakh and up to Rs 5 lakh would be taxed at 5%. • Income of more than Rs 6 lakh b...

By India Today Information Desk: Income Tax Returns (ITRs) must be filed by July 31 for the FY 2022-23. April 1 will mark the start of the new assessment year 2023-24. Usually, the ITR filing due date is July 31. This year's tax returns are expected to be due on the same date. "The penalty for filing a late ITR is Rs 5,000 but it doubles that amount for later filings. However, if your taxable income is below Rs 5 lakh, the maximum penalty will be Rs 1,000. On the other hand, if the tax evaded exceeds Rs 25 lakh the punishment could be 6 months to 7 years", as per the website of the Income Tax Department. WHICH TAX RETURN TO FILE: The Income Tax department has notified seven different forms i.e., ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6 & ITR 7 to date. All individuals having taxable income or those who satisfy other prescribed conditions are required to file an annual income tax return (ITR) within the specified due date. The applicability of ITR forms varies depending on the sources of income of the taxpayer, the amount of the income earned, and the category the taxpayer belongs to, like individuals, HUF, companies, etc. One needs to carefully ascertain the appropriate ITR form for filing, keeping in mind not only the details of income but also the various disclosure requirements prescribed from time to time.

Income Tax Return (ITR) filing online for AY 2023-24: As many as 14,65,641 ITRs for income earned in FY 2022-23 were filed till May 28, of which over 12 lakh returns by verified while 3834 verified ITRs were processed, according to data on the Income Tax e-filing website at the time of writing. Salaried employees will be soon able to file their returns for AY 2023-24 after receiving Form 16 from their employers by June 15. As the Most of the salaried employees would be eligible for ITR-1 (Sahaj), which is applicable when the total income of the taxpayer is not more than Rs 50 lakh during the financial year and his/her income is only from salary, one house property, family pension income, agricultural income up to Rs 5000 and other sources such interest from bank deposits (including savings account interest) interest from Income Tax Refund, any other interest income etc. Deductions under Chapter VI A of Income Tax Act: Know how much tax may be saved Steps to file ITR online for salaried Step 1: Visit Income Tax e-Filing portal, https://www.incometax.gov.in/iec/foportal/ Step-2: Login to e-Filing portal by entering user ID (PAN), Password, Captcha code and click ‘Login’. Step 3: Click on the ‘e-File’ menu and then click the ‘Income Tax Return’ link. Also Read: Step 4: According to information on the Income Tax website, PAN will be auto-populated on the Income Tax Return page. You need to select ‘Assessment Year’, ‘ITR Form Number’, ‘Filing Type’ as ‘Original/Revised Return’ ...

Refrain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks, name calling or inciting hatred against any community. Help us delete comments that do not follow these guidelines by marking them offensive. Let's work together to keep the conversation civil. ITR Filing Last Date for AY 2023-24 is July 31, 2023: Follow These Steps to File ITR Filing an Income Tax Return (ITR) is an important responsibility for taxpayers in India. It helps individuals report their income, claim deductions, and fulfil their obligations under the Income Tax Act. TOI-Online | Last updated on - Jun 14, 2023, 07:00 IST Taxpayers can start filing their Income Tax Returns (ITR) for the financial year 2022-23 from April 1, with the new assessment year beginning from the same date. The deadline for filing ITR is July 31, after which taxpayers will have to file a belated ITR, which may attract penalties or other costs. Taxpayers have the option to file their ITR both online and offline. The online mode is called e-filing and can be done through the Income Tax Department's website, which is incometax.gov.in. On the other hand, for the offline mode, taxpayers must use the Offline Utility for ITRs to file their income tax returns. During the ITR filing season, individuals in India who earn a taxable income or satisfy specific conditions, such as owning more than one property, foreign assets, or holding directorship in a company, must file an annual Incom...

Updated: December 22, 2022: 2:51 pm ET. It’s still a bit too early to think about it, but in case you are wondering, here’s our annual chart for the #1 question we get every year: “ When will I get my tax refund?” The answer is never exact, but we are able to make some educated guesses based on a few factors. Now is also a good time to take advantage of year-end strategies that can lower your tax bill, or increase your refund. If you’ve had major income changes this year, had a child, got married or divorced, retired, bought a house, or changed investments, or made any other really significant life changes, you should definitely seek the advice of a tax professional like a CPA or EA before the end of the year. The sooner the better. Even if you can’t reach one until early January, such a professional can still offer valuable advice that can make a real different on your taxes. [The estimated refund date chart is below if you just want to scroll down.] Will the 2023 tax filing season be normal? It will likely be closer to normal than it has been since 2019, the last tax filing season before COVID-19 caused widespread office closures, even at the IRS, which delayed the 2020 tax filing deadline by several months. The pandemic also ushered in many tax credits and deductions for businesses, as well as stimulus payments for most Americans. These were also sometimes given as a credit on a taxpayer’s taxes, if they did not receive payment directly. Most individual taxpayers won’t ...

Updated: December 22, 2022: 2:51 pm ET. It’s still a bit too early to think about it, but in case you are wondering, here’s our annual chart for the #1 question we get every year: “ When will I get my tax refund?” The answer is never exact, but we are able to make some educated guesses based on a few factors. Now is also a good time to take advantage of year-end strategies that can lower your tax bill, or increase your refund. If you’ve had major income changes this year, had a child, got married or divorced, retired, bought a house, or changed investments, or made any other really significant life changes, you should definitely seek the advice of a tax professional like a CPA or EA before the end of the year. The sooner the better. Even if you can’t reach one until early January, such a professional can still offer valuable advice that can make a real different on your taxes. [The estimated refund date chart is below if you just want to scroll down.] Will the 2023 tax filing season be normal? It will likely be closer to normal than it has been since 2019, the last tax filing season before COVID-19 caused widespread office closures, even at the IRS, which delayed the 2020 tax filing deadline by several months. The pandemic also ushered in many tax credits and deductions for businesses, as well as stimulus payments for most Americans. These were also sometimes given as a credit on a taxpayer’s taxes, if they did not receive payment directly. Most individual taxpayers won’t ...

New Delhi: People in India, like anyplace else in the globe, must pay income tax. Income tax returns are used to file income tax returns. People also reveal their income using this. At the same time, income tax returns are filed for various income levels. However, keep in mind that certain people’s income tax would be deducted to the tune of 30%. The deadline for submitting income tax returns to reveal income generated in fiscal year 2022-23 is July 31, 2023. New tax regime Finance Minister Nirmala Sitharaman made numerous key announcements under the new tax structure while presenting the Budget 2023. She eased taxation for many low-income groups and promoted tax-saving initiatives. During this, she stated that if a taxpayer decides to file tax under the new tax system in the fiscal year 2023-24, they may be required to pay a maximum of 30% tax. However, there are many tax brackets for those with varying earnings. If a person’s yearly income exceeds Rs 15 lakh, he would be required to pay 30% income tax under the new regime. Old tax regime However, if a person files an ITR under the old tax scheme in the fiscal year 2023-24, he may be required to pay a maximum tax of 30%. Previously, if a person’s income was greater than Rs 10 lakh on filing an income tax return, he was subject to a 30% tax. Under the new tax system: • Income tax for earning between Rs 0 and 3 lakh is nil. • Income beyond Rs 3 lakh and up to Rs 5 lakh would be taxed at 5%. • Income of more than Rs 6 lakh b...

Updated: January 8, 2023: 11:01 pm ET. Let’s talk about tax refunds… and when taxpayers might get theirs in 2023. This has been the top question we get for more than 10 years: “ When will I get my tax refund?” The answer is never exact, but we are able to make some educated guesses based on a few factors. [The estimated refund date chart is below if you just want to scroll down.] If you’ve had major income changes this year, had a child, got married or divorced, retired, bought a house, or changed investments, or made any other really significant life changes, you should definitely seek the advice of a tax professional like a CPA or EA in order to make sure you are complying with tax laws, and also taking advantage of new changes that could benefit you. Will the 2023 tax filing season be normal? It will likely be closer to normal than it has been since 2019, the last tax filing season before COVID-19 caused widespread office closures, even at the IRS, which delayed the 2020 tax filing deadline by several months. The pandemic also ushered in many tax credits and deductions for businesses, as well as stimulus payments for most Americans. These were also sometimes given as a credit on a taxpayer’s taxes, if they did not receive payment directly. [The estimated refund date chart is below if you just want to scroll down.] Most individual taxpayers won’t have such issues for this tax season. For clarification, the weeks leading up to the April 18, 2023, deadline is when American...

By India Today Information Desk: Income Tax Returns (ITRs) must be filed by July 31 for the FY 2022-23. April 1 will mark the start of the new assessment year 2023-24. Usually, the ITR filing due date is July 31. This year's tax returns are expected to be due on the same date. "The penalty for filing a late ITR is Rs 5,000 but it doubles that amount for later filings. However, if your taxable income is below Rs 5 lakh, the maximum penalty will be Rs 1,000. On the other hand, if the tax evaded exceeds Rs 25 lakh the punishment could be 6 months to 7 years", as per the website of the Income Tax Department. WHICH TAX RETURN TO FILE: The Income Tax department has notified seven different forms i.e., ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6 & ITR 7 to date. All individuals having taxable income or those who satisfy other prescribed conditions are required to file an annual income tax return (ITR) within the specified due date. The applicability of ITR forms varies depending on the sources of income of the taxpayer, the amount of the income earned, and the category the taxpayer belongs to, like individuals, HUF, companies, etc. One needs to carefully ascertain the appropriate ITR form for filing, keeping in mind not only the details of income but also the various disclosure requirements prescribed from time to time.