Itr filing start date for ay 2023-24

Salaried employees will be able to file their Income Tax Returns for AY 2023-24 soon after receiving Form 16 from their employers. It is important to note that the tax-filing season has officially started. Salaried taxpayers should know the right process to file their returns. Most salaried individuals are eligible for ITR-1 (Sahaj). For those who do not know, this is applicable to all those taxpayers whose income is not more than 50 lakhs for the financial year. As per the latest official details, approximately 14,65,641 ITRs were filed till 28 May, for income earned in FY 2022-23. Out of this, around 3834 verified ITRs were processed. Now, it is time for salaried taxpayers to file their Income Tax Returns for AY 2023-24. They will receive Form 16 from their employers by 15 June, as per official details. • Step 1: Go to the Income Tax e-Filing portal - www.incometax.gov.in. • Step 2: You have to log in to the e-Filing portal by providing your user ID (PAN), Password, and Captcha correctly. Enter the details and tap on submit. • Step 3: Tap on the "e-File" menu and go to the "Income Tax Return" activated link. • Step 4: As per the details on the official website of the Income Tax, your PAN will appear automatically on the Income Tax Return page. You have to select important details such as Assessment Year, ITR Form Number, Filing Type as Original/Revised Return and Submission Mode as Prepare. Click on submit after verifying the details. • Step 5: Tap on Continue after sele...

Income Tax Return (ITR) filing online for Assessment Year 2023-24: Taxpayers can now file returns for AY 2023-24 through Income Tax Return (ITR) forms ITR-1 and ITR-4 on the e-filing portal in online mode with prefilled data. “Income-tax Returns Form ITR 1 and ITR 4 are enabled at the portal in Online mode with prefilled data,” the Income Tax Department said on Saturday (May 21). “ITR 1 and 4 for A.Y. 2023-24 are enabled for filing in online mode at e-filing portal. Earlier, excel utilities for ITR 1, 2 & 4 for A.Y. 2023-24 had already been enabled. The software/utilities for preparing other ITRs/ Forms will be enabled shortly. Information regarding the same will be made available to the taxpayers on the e-filing portal,” the Income Tax Department tweeted on May 23 in response to a query posted by a user. Government takes revenge for ‘Revenge Travelling’ – Here’s how Who is eligible for ITR-1? The Also Read: Who is eligible for ITR-4? The ITR-4 form for tax filing is for individuals, HUFs and Firms (other than LLP), who are residents with income up to Rs 50 lakh. Such income should be from business and profession, which is computed under sections 44AD, 44ADA or 44AE and agricultural income up to Rs 5000.

Income tax is a significant source of revenue for governments worldwide, including contributing to the funding of various welfare programs and public services. It is classified as a direct tax because individuals and entities that earn a taxable income are obligated to pay their taxes directly to the government. The ITR filing due date for FY 2022-23 (AY 2023-24) is 31st July 2023. ITR filing on the due date is essential to comply with tax laws, avoid penalties, claim timely refunds, maintain accurate financial records, and facilitate financial transactions. It is advisable to prioritize timely filing to stay in line with regulatory requirements and avoid unnecessary complications. Section 234A and Section 234F of the Income Tax Act pertain to penalty provisions related to the late filing of income tax returns. It is worth noting that the central government has the authority to extend the due dates for income tax return filing. The ITR filing due date for FY 2022-23 (AY 2023-24) is 31st July 2023. Avoid paying penalty later and file your return on time. An Income Tax Return (ITR) is a form or document that individuals, businesses, and other entities use to report their annual income, deductions, exemptions, and tax liabilities to the tax authorities. It is a declaration of their taxable income and the taxes they owe or are eligible to receive as a refund. The Income Tax Return serves as a means for taxpayers to provide comprehensive information about their financial transa...

By India Today Information Desk: An income tax return is basically a document that is filed as per the provisions of the Income Tax Act, reporting one’s income, profits and losses, and other deductions as well as details about a tax refund or tax liability. The Income Tax Return (ITR) filing deadline for the financial year 2022-23 (assessment 2023-24) is July 31, 2023. Companies, except those claiming exemption under section 11 due to their income from the property being held for charitable or religious purposes, are required to submit their income tax return using the ITR-6 Form. If any of the aforementioned conditions apply to you, it is mandatory to file your income tax returns (ITR) in India. According to the Income Tax Department's website, the penalty for submitting ITRs on or before December 31 is Rs 5,000, which doubles for filings made after that date. However, if your taxable income is below Rs 5 lakh, the maximum penalty will be Rs 1,000. Conversely, if the tax evaded exceeds Rs 25 lakh, the punishment could range from 6 months to 7 years. ITR FORM 6: WHO IS ELIGIBLE TO USE THIS RETURN FORM This Return Form is applicable to companies, as defined under section 2(17) of the Income Tax Act, except for companies that are required to file their returns using Form ITR-7. This form is to be filed by any Indian company (referred to as a Domestic Company) or a corporate body incorporated under the laws of a country outside India. It is also applicable to any institution,...

Meet Indian business tycoon who started with one truck and built Rs 6300 crore logistics giant © Provided by The Financial Express Know when ITR filing may start this year. Representational image ITR filing start date 2023 (AY 2023-24): The Income Tax Return (ITR) e-filing for Assessment Year 2023-24 (FY 2022-23) is expected to start soon. Experts say that individual taxpayers may be able to start filing their returns from the last week of April or May first week. However, salaried individuals may have to wait till mid-June as this is the time by when employers issue Form 16. As of today, the e-filing portal of the Income Tax Department doesn’t have the option of ITR filing for salaried taxpayers for Ay 2023-24. “ITR filing season for AY 2023-24 is about to start. It can be assumed that the taxpayers will be able to file their ITR from April Last week or May first week. The filing will be done for the income earned in FY 2022-23, i.e., 1st April 2022 and 31st March 2023,” says Abhishek Soni, co-founder and CEO of Tax2win, a Fisdom company. The Indian Income Tax Act requires certain individuals and entities to file their ITRs with the Income Tax Department after the end of each financial year. The due date for filing an ITR is the last date by which a person or entity is required to file their return for a particular financial year to avoid any penalty or interest implications. Salaried? You may have to wait a little longer According to Dr Suresh Surana, Founder of RSM Indi...

As we step into a new financial year, it’s time to start thinking about income tax return (ITR) filing for the assessment year 2023-24. The Income Tax Department has already made the e-filing of ITR for AY 2023-24 available through offline mode on its official website, which means taxpayers can start filing their returns right away. Filing ITR is an important annual activity that every taxpayer needs to do to comply with the tax laws in India. It is also crucial for ensuring compliance with other financial regulations, such as loan applications, credit card applications, and even visa applications for foreign travel. By filing your ITR on time, you not only avoid any penalties or interest but also ensure the smooth functioning of other financial activities in your life. With the deadline for filing ITR approaching, it is essential for all eligible taxpayers to understand the process and requirements of ITR filing to ensure timely compliance with the tax laws. In this article, we will discuss how to file an ITR through offline mode. By following these steps, taxpayers can ensure a hassle-free and error-free ITR filing process and avoid any penalties or interest. Filing income tax return (ITR) in the offline mode requires taxpayers to fill up the ITR form manually and submit it to the Income Tax Department. Here is a step-by-step guide on how to file ITR through offline mode: Step 1: Download the ITR form: To start the process, you need to download the ITR form from the Inco...

Meet Indian business tycoon who started with one truck and built Rs 6300 crore logistics giant © Provided by The Financial Express Know when ITR filing may start this year. Representational image ITR filing start date 2023 (AY 2023-24): The Income Tax Return (ITR) e-filing for Assessment Year 2023-24 (FY 2022-23) is expected to start soon. Experts say that individual taxpayers may be able to start filing their returns from the last week of April or May first week. However, salaried individuals may have to wait till mid-June as this is the time by when employers issue Form 16. As of today, the e-filing portal of the Income Tax Department doesn’t have the option of ITR filing for salaried taxpayers for Ay 2023-24. “ITR filing season for AY 2023-24 is about to start. It can be assumed that the taxpayers will be able to file their ITR from April Last week or May first week. The filing will be done for the income earned in FY 2022-23, i.e., 1st April 2022 and 31st March 2023,” says Abhishek Soni, co-founder and CEO of Tax2win, a Fisdom company. The Indian Income Tax Act requires certain individuals and entities to file their ITRs with the Income Tax Department after the end of each financial year. The due date for filing an ITR is the last date by which a person or entity is required to file their return for a particular financial year to avoid any penalty or interest implications. Salaried? You may have to wait a little longer According to Dr Suresh Surana, Founder of RSM Indi...

Income Tax Return (ITR) filing online for Assessment Year 2023-24: Taxpayers can now file returns for AY 2023-24 through Income Tax Return (ITR) forms ITR-1 and ITR-4 on the e-filing portal in online mode with prefilled data. “Income-tax Returns Form ITR 1 and ITR 4 are enabled at the portal in Online mode with prefilled data,” the Income Tax Department said on Saturday (May 21). “ITR 1 and 4 for A.Y. 2023-24 are enabled for filing in online mode at e-filing portal. Earlier, excel utilities for ITR 1, 2 & 4 for A.Y. 2023-24 had already been enabled. The software/utilities for preparing other ITRs/ Forms will be enabled shortly. Information regarding the same will be made available to the taxpayers on the e-filing portal,” the Income Tax Department tweeted on May 23 in response to a query posted by a user. Government takes revenge for ‘Revenge Travelling’ – Here’s how Who is eligible for ITR-1? The Also Read: Who is eligible for ITR-4? The ITR-4 form for tax filing is for individuals, HUFs and Firms (other than LLP), who are residents with income up to Rs 50 lakh. Such income should be from business and profession, which is computed under sections 44AD, 44ADA or 44AE and agricultural income up to Rs 5000.

Salaried employees will be able to file their Income Tax Returns for AY 2023-24 soon after receiving Form 16 from their employers. It is important to note that the tax-filing season has officially started. Salaried taxpayers should know the right process to file their returns. Most salaried individuals are eligible for ITR-1 (Sahaj). For those who do not know, this is applicable to all those taxpayers whose income is not more than 50 lakhs for the financial year. As per the latest official details, approximately 14,65,641 ITRs were filed till 28 May, for income earned in FY 2022-23. Out of this, around 3834 verified ITRs were processed. Now, it is time for salaried taxpayers to file their Income Tax Returns for AY 2023-24. They will receive Form 16 from their employers by 15 June, as per official details. • Step 1: Go to the Income Tax e-Filing portal - www.incometax.gov.in. • Step 2: You have to log in to the e-Filing portal by providing your user ID (PAN), Password, and Captcha correctly. Enter the details and tap on submit. • Step 3: Tap on the "e-File" menu and go to the "Income Tax Return" activated link. • Step 4: As per the details on the official website of the Income Tax, your PAN will appear automatically on the Income Tax Return page. You have to select important details such as Assessment Year, ITR Form Number, Filing Type as Original/Revised Return and Submission Mode as Prepare. Click on submit after verifying the details. • Step 5: Tap on Continue after sele...

Income tax is a significant source of revenue for governments worldwide, including contributing to the funding of various welfare programs and public services. It is classified as a direct tax because individuals and entities that earn a taxable income are obligated to pay their taxes directly to the government. The ITR filing due date for FY 2022-23 (AY 2023-24) is 31st July 2023. ITR filing on the due date is essential to comply with tax laws, avoid penalties, claim timely refunds, maintain accurate financial records, and facilitate financial transactions. It is advisable to prioritize timely filing to stay in line with regulatory requirements and avoid unnecessary complications. Section 234A and Section 234F of the Income Tax Act pertain to penalty provisions related to the late filing of income tax returns. It is worth noting that the central government has the authority to extend the due dates for income tax return filing. The ITR filing due date for FY 2022-23 (AY 2023-24) is 31st July 2023. Avoid paying penalty later and file your return on time. An Income Tax Return (ITR) is a form or document that individuals, businesses, and other entities use to report their annual income, deductions, exemptions, and tax liabilities to the tax authorities. It is a declaration of their taxable income and the taxes they owe or are eligible to receive as a refund. The Income Tax Return serves as a means for taxpayers to provide comprehensive information about their financial transa...