The beginning of the new fiscal year was April 1. Additionally, the procedure of submitting an Income Tax Return (ITR) for the fiscal year 2022–2023 is currently underway. The CBDT has set a deadline of July 31, 2023. People who have taxable income are required to file an income tax return under this. You can now submit an Income Tax Return or pay income tax under the old and new tax laws. Both tax regimes have different tax slabs.
Seven different ITR form variants in all
If you become subject to tax responsibility, you must submit your Income Tax Return for the fiscal year 2022–2023 by the 31st of July. The Central Board of Direct Taxes (CBDT) released forms in February. The businesses have also distributed Form 16 to those who are employed. Following this, there will undoubtedly be an increase in ITR filings. The number of visitors to the Income Tax website rises as July 31 draws near. You must continue to submit ITRs on schedule because of this. Let us inform you that there are seven different ITR form types available for businesses, companies, and individual taxpayers.
When will the fine be implemented?
Depending on the situation, various ITR forms are filed. Many small and medium taxpayers submit ITR-1 and ITR-4 forms. However, failure to meet the deadline could result in a Rs 5,000 punishment for those paying income tax. The actual deadline for filing an ITR this year is July 31. In such a case, the person has until the end of the year to file their ITR if they cannot do so by the 31st of July. Up to December 31st, you can submit an ITR with a late return filing. You would be required to pay a fine of Rs 5,000 for this.
The Income Tax Department’s website states that starting on July 31, 2023,
people who file ITR will be subject to a fine of Rs 5,000. Even after this, the filing fee may increase by a factor of two if it is not submitted by the deadline.
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