Itr filing

Salaried employees can soon get their Form 16 from their employer to file their Income Tax Returns (ITR) for assessment year (AY) 2023-24. To make the tax filing process more manageable, the I-T department pre-fills ITR forms with details of income and taxes paid by the assessee during the year. However, taxpayers should remain cautious while using pre-filled ITR forms and consider filing only after verifying all information present in the forms before submitting it or assessment. Thus, even though the tax filing season has officially started, one should wait for Form 16 from their employer. Mostly salaried individuals are eligible to fill in ITR-1 (Sahaj). This form applies to taxpayers with income no more than Rs 50 lakh for the financial year. Vijay Bharech, Deloitte Haskin & Sells LLP, says, “Employers are required to issue Form 16 to employees by June 15, 2023, for the financial year 2022-23. As a run-up to tax filing, taxpayers should also collate details of other income such as capital gains statements, details of interest income of fixed deposits, rental income and any investment made for claiming deductions. They should also compute the final tax liability and pay the remaining tax if required to avoid additional interest liability. Before filing the tax returns, taxpayers need to verify the details reported in their Form 26AS, AIS (Annual Information Statement) and TIS (Taxpayer Information Summary).” Taxpayers must also ensure that income details match these...

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...

Filing Income Tax Returns (ITR) may be cumbersome, but its benefits far outweigh the momentary inconvenience. According to the income tax laws, filing ITR is mandatory for some and voluntary for others, however, filing it is essential regardless of the category one falls under. ITR is a tax return form used by taxpayers to report their income and assets to the Indian Income Tax Department (Indian Revenue Authorities). It has details related to the taxpayers’ personal and financial data. ITR is essentially a type of self-declaration by the taxpayer of their income, assets and applicable taxes paid.While it is mostly filed in the electronic mode, there is an option for senior citizens to file it manually as well. Every person real or artificial, incorporated or otherwise subject to certain exemption limits is liable to file ITR. As per the law, a taxpayer may be a person, artificial judicial person, body of individuals (BOI), Hindu undivided family (HUFs), association of persons (AOP), firm, trust, company, or a society. Since ITR forms are attachment-less forms, taxpayers are not required to attach any documents such as proof of investments, tax deducted at source (TDS) certificates, etc., along with return of income filed electronically or manually. However, it is advisable to maintain these documents and furnish them before the tax authorities when required, especially in situations like assessment, inquiry, etc. The process is completed when the ITR filed by the taxpayer...