You must file an income tax return if you work or operate a business. The Income Tax Department states that individuals having an annual income of Rs 3 lakh must file an ITR. The Income Tax Department has previously made known the deadline for submitting ITRs for the fiscal year 2022–23 (FY 2022-23). Additionally, the ITR form is now accessible both online and offline.
On February 10 and February 14, a notice was published.
The department may impose a steep fee on you if you fail to submit your ITR by the deadline. ITR filing for the fiscal year 2022–23 (AY 2023–24) has been announced by the CBDT by notifications on February 10 and February 14, 2023. After that, on April 25, 2023, CBDT published notifications for ITR-1 and ITR-4. On May 11, 2023, a notification for ITR-2 was released. The e-filing of ITRs began concurrently.
Income Tax Returns may be submitted through July 31.
Salary earners and taxpayers whose accounts don’t need to be audited can file ITRs until July 31, 2023, according to the Income Tax Department. If for whatever reason you are unable to submit your ITR before the deadline of July 31st, you may be required to pay a fine between Rs 1,000 and Rs 5,000. In the event that your ITR is filed late, you must first pay the penalty.
Additionally, even if your final taxable sum is zero
you can still be required to pay a penalty. In addition to this, the Income Tax Department has the authority to send you a notification. If you want to choose the new tax system, you must file your ITR by July 31, 2023, or earlier. ITR filers won’t have the option to choose the new tax system after this.
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