Last date to file itr for ay 2022-23

Synopsis The last date for filing income tax return (ITR) for FY 2021-22 (AY 2022-23) is July 31, 2022. If this deadline is missed by the individual taxpayers, then they have an option to file a belated income tax return. However, filing a belated ITR comes with some costs. Read on to know more about it. What is belated ITR?An income tax return filed after the expiry of due date is called belated ITR. This ITR is filed under section 139 (4) of the Income-tax Act. What is the last date for filing belated ITR?As per the amendment made in Budget 2021, the time limit allowed for filing belated ITR has been reduced by three months. Now, a belated return can be filed at any time before three months prior to the end of the relevant assessment year or before completion of assessment, whichever is earlier. In layman terms, the last date to file belated ITR for FY 2022-23 (AY 2023-24) is December 31, 2023. Till FY 2019-20 (AY 2020-21), an individual could file the belated ITR till March 31 of the assessment year. However, effective from FY 2020-21 (AY 2021-22), the belated ITR can be filed till December 31 of the assessment year. What is the penalty amount in filing belated ITR?The penalty amount payable has been cut to half due to reduction in the time limit of filing belated ITR. Till FY 2019-20 (AY 2020-21) there was a two-tier structure. If the belated ITR was filed after expiry of deadline (July 31) but on or before December 31, then late filing fee of Rs 5,000 was applicable. ...

The last date to file Income Tax Return (ITR) for FY 2022-23 (AY 2023-24) without a late fee is 31st July 2023. Taxpayers filing their return after the due date will have to pay interest under Section penalty under Section What are Financial Year (FY) and Assessment Year (AY)? The return you are currently filing is for the income you earned in FY 2022-23, i.e. for the income earned between 1 April 2022 and 31 March 2023. The assessment year is the review year for FY 2022-23 where you file your returns and declare your investments for tax assessment. For the income earned during the FY (here FY 2022-23), the assessment year would be the immediately next year, i.e. 1st April 2023 to 31st March 2024. Hence, the assessment year would be AY 2023-24. Income Tax Returns (ITR) Filing Start Date 2023: The Income Tax Return (ITR) e-filing for AY 2023 -24 (FY 2022-23) is expected to start soon. Experts are predicting that ITR filing may start from June first week. Currently, the Income Tax Department has released offline utility for filing ITR-1, ITR-2 and ITR-4. So, the last date to file ITR for FY 2022-23 is discussed below. Income tax filing due dates for FY 2022-23 (AY 2023-24) Category of Taxpayer Due Date for Tax Filing- FY 2022-23 *(unless extended) Individual / HUF/ AOP/ BOI (books of accounts not required to be audited) 31st July 2023 Businesses (Requiring Audit) 31st October 2023 Businesses requiring transfer pricing reports (in case of international/specified domestic tran...

Income Representative image ITR filing for AY 2022/23 | What's new and how to file income tax returns: New forms: The income tax department has notified new ITR forms - Form 1 to Form 6 - which seek details of income from overseas retirement benefit accounts. > ITR Form 1/SAHAJ - For salaried employees who don't have any other income and their annual income is less than ₹50 lakh. > ITR Form 2 - For salaried employees who have other sources of income, but not from businesses. > ITR Form 3 - For those with incomes from businesses. > ITR Form 4 - For big business income groups who can provide a presumptive figure of their annual turnover. > ITR Form 5 - For taxpayers who earn income from a partnership firm. > ITR form 6 - For companies registered other than under Section 11. What documents do I need to file ITR? > PAN card - The Permanent Account Number (PAN) acts as identity proof and has to be mentioned in all IT returns. > Aadhaar card - It is mandatory to provide Aadhar details; Section 139AA of the Income-Tax Act makes this necessary. > Form 16 - Also known as TDS (tax deducted at source) certificate, this is the basis of completed IT returns for salaried employees. It can be collected from your employer after furnishing information related to taxes paid on your behalf, which is done after taking salary, allowances, and deductions into consideration. > Salary slips - For salaried taxpayers, details like dearness allowance (DA), house rent allowance (HRA), travelling allo...

Synopsis The income tax return filing season is upon us. Most salaried individuals are eligible to file their tax returns using ITR-1 form. This tax return form is also known as 'Sahaj'. However, not many people know the steps to file ITR-1 on the income tax e-filing portal. Here is a step by step guide of filing ITR-1 on the income tax e-filing portal. The due date to file income tax return (ITR) by individual taxpayers who are not subject to tax audit under the Income-tax Act,1961 for the FY 2022-23 (AY 2023-24) is July 31, 2023. This article explains the most efficient way to file the return in Form ITR-1, including illustrative examples for easy reference Who can file ITR-1?Form ITR-1 can be used by an Ordinary Resident (ROR) Individual with a total income of up to Rs.50 lakh. This includes income from salary, one house property, and other sources such as bank interest, dividends, and agricultural income up to Rs.5,000. Step 3: Select the relevant assessment year and mode of filing and click 'Continue' to proceed. The assessment year is the year in which income earned in the previous financial year is assessed. To file ITR for FY 2022-23, the assessment year is 2023-24. Here we have selected mode of filing as 'online'. If you are uploading JSON file generated from the department's utilities, you must select the mode of filing as offline. Section 1: Personal Information In this section, verify the data pre-filled from your e-filing profile. You cannot directly edit cert...

Income Representative image ITR filing for AY 2022/23 | What's new and how to file income tax returns: New forms: The income tax department has notified new ITR forms - Form 1 to Form 6 - which seek details of income from overseas retirement benefit accounts. > ITR Form 1/SAHAJ - For salaried employees who don't have any other income and their annual income is less than ₹50 lakh. > ITR Form 2 - For salaried employees who have other sources of income, but not from businesses. > ITR Form 3 - For those with incomes from businesses. > ITR Form 4 - For big business income groups who can provide a presumptive figure of their annual turnover. > ITR Form 5 - For taxpayers who earn income from a partnership firm. > ITR form 6 - For companies registered other than under Section 11. What documents do I need to file ITR? > PAN card - The Permanent Account Number (PAN) acts as identity proof and has to be mentioned in all IT returns. > Aadhaar card - It is mandatory to provide Aadhar details; Section 139AA of the Income-Tax Act makes this necessary. > Form 16 - Also known as TDS (tax deducted at source) certificate, this is the basis of completed IT returns for salaried employees. It can be collected from your employer after furnishing information related to taxes paid on your behalf, which is done after taking salary, allowances, and deductions into consideration. > Salary slips - For salaried taxpayers, details like dearness allowance (DA), house rent allowance (HRA), travelling allo...

The last date to file Income Tax Return (ITR) for FY 2022-23 (AY 2023-24) without a late fee is 31st July 2023. Taxpayers filing their return after the due date will have to pay interest under Section penalty under Section What are Financial Year (FY) and Assessment Year (AY)? The return you are currently filing is for the income you earned in FY 2022-23, i.e. for the income earned between 1 April 2022 and 31 March 2023. The assessment year is the review year for FY 2022-23 where you file your returns and declare your investments for tax assessment. For the income earned during the FY (here FY 2022-23), the assessment year would be the immediately next year, i.e. 1st April 2023 to 31st March 2024. Hence, the assessment year would be AY 2023-24. Income Tax Returns (ITR) Filing Start Date 2023: The Income Tax Return (ITR) e-filing for AY 2023 -24 (FY 2022-23) is expected to start soon. Experts are predicting that ITR filing may start from June first week. Currently, the Income Tax Department has released offline utility for filing ITR-1, ITR-2 and ITR-4. So, the last date to file ITR for FY 2022-23 is discussed below. Income tax filing due dates for FY 2022-23 (AY 2023-24) Category of Taxpayer Due Date for Tax Filing- FY 2022-23 *(unless extended) Individual / HUF/ AOP/ BOI (books of accounts not required to be audited) 31st July 2023 Businesses (Requiring Audit) 31st October 2023 Businesses requiring transfer pricing reports (in case of international/specified domestic tran...

Synopsis The income tax return filing season is upon us. Most salaried individuals are eligible to file their tax returns using ITR-1 form. This tax return form is also known as 'Sahaj'. However, not many people know the steps to file ITR-1 on the income tax e-filing portal. Here is a step by step guide of filing ITR-1 on the income tax e-filing portal. The due date to file income tax return (ITR) by individual taxpayers who are not subject to tax audit under the Income-tax Act,1961 for the FY 2022-23 (AY 2023-24) is July 31, 2023. This article explains the most efficient way to file the return in Form ITR-1, including illustrative examples for easy reference Who can file ITR-1?Form ITR-1 can be used by an Ordinary Resident (ROR) Individual with a total income of up to Rs.50 lakh. This includes income from salary, one house property, and other sources such as bank interest, dividends, and agricultural income up to Rs.5,000. Step 3: Select the relevant assessment year and mode of filing and click 'Continue' to proceed. The assessment year is the year in which income earned in the previous financial year is assessed. To file ITR for FY 2022-23, the assessment year is 2023-24. Here we have selected mode of filing as 'online'. If you are uploading JSON file generated from the department's utilities, you must select the mode of filing as offline. Section 1: Personal Information In this section, verify the data pre-filled from your e-filing profile. You cannot directly edit cert...

Synopsis The last date for filing income tax return (ITR) for FY 2021-22 (AY 2022-23) is July 31, 2022. If this deadline is missed by the individual taxpayers, then they have an option to file a belated income tax return. However, filing a belated ITR comes with some costs. Read on to know more about it. What is belated ITR?An income tax return filed after the expiry of due date is called belated ITR. This ITR is filed under section 139 (4) of the Income-tax Act. What is the last date for filing belated ITR?As per the amendment made in Budget 2021, the time limit allowed for filing belated ITR has been reduced by three months. Now, a belated return can be filed at any time before three months prior to the end of the relevant assessment year or before completion of assessment, whichever is earlier. In layman terms, the last date to file belated ITR for FY 2022-23 (AY 2023-24) is December 31, 2023. Till FY 2019-20 (AY 2020-21), an individual could file the belated ITR till March 31 of the assessment year. However, effective from FY 2020-21 (AY 2021-22), the belated ITR can be filed till December 31 of the assessment year. What is the penalty amount in filing belated ITR?The penalty amount payable has been cut to half due to reduction in the time limit of filing belated ITR. Till FY 2019-20 (AY 2020-21) there was a two-tier structure. If the belated ITR was filed after expiry of deadline (July 31) but on or before December 31, then late filing fee of Rs 5,000 was applicable. ...

Synopsis The last date for filing income tax return (ITR) for FY 2021-22 (AY 2022-23) is July 31, 2022. If this deadline is missed by the individual taxpayers, then they have an option to file a belated income tax return. However, filing a belated ITR comes with some costs. Read on to know more about it. What is belated ITR?An income tax return filed after the expiry of due date is called belated ITR. This ITR is filed under section 139 (4) of the Income-tax Act. What is the last date for filing belated ITR?As per the amendment made in Budget 2021, the time limit allowed for filing belated ITR has been reduced by three months. Now, a belated return can be filed at any time before three months prior to the end of the relevant assessment year or before completion of assessment, whichever is earlier. In layman terms, the last date to file belated ITR for FY 2022-23 (AY 2023-24) is December 31, 2023. Till FY 2019-20 (AY 2020-21), an individual could file the belated ITR till March 31 of the assessment year. However, effective from FY 2020-21 (AY 2021-22), the belated ITR can be filed till December 31 of the assessment year. What is the penalty amount in filing belated ITR?The penalty amount payable has been cut to half due to reduction in the time limit of filing belated ITR. Till FY 2019-20 (AY 2020-21) there was a two-tier structure. If the belated ITR was filed after expiry of deadline (July 31) but on or before December 31, then late filing fee of Rs 5,000 was applicable. ...

Income Representative image ITR filing for AY 2022/23 | What's new and how to file income tax returns: New forms: The income tax department has notified new ITR forms - Form 1 to Form 6 - which seek details of income from overseas retirement benefit accounts. > ITR Form 1/SAHAJ - For salaried employees who don't have any other income and their annual income is less than ₹50 lakh. > ITR Form 2 - For salaried employees who have other sources of income, but not from businesses. > ITR Form 3 - For those with incomes from businesses. > ITR Form 4 - For big business income groups who can provide a presumptive figure of their annual turnover. > ITR Form 5 - For taxpayers who earn income from a partnership firm. > ITR form 6 - For companies registered other than under Section 11. What documents do I need to file ITR? > PAN card - The Permanent Account Number (PAN) acts as identity proof and has to be mentioned in all IT returns. > Aadhaar card - It is mandatory to provide Aadhar details; Section 139AA of the Income-Tax Act makes this necessary. > Form 16 - Also known as TDS (tax deducted at source) certificate, this is the basis of completed IT returns for salaried employees. It can be collected from your employer after furnishing information related to taxes paid on your behalf, which is done after taking salary, allowances, and deductions into consideration. > Salary slips - For salaried taxpayers, details like dearness allowance (DA), house rent allowance (HRA), travelling allo...