If you are employed or own your own business, you must file an income tax return. According to the Income Tax Department, anyone with an annual income of Rs 3 lakh is required to file an ITR. For the fiscal year 2022–23 (FY 2022-23), the Income Tax Department has previously announced the deadline for submitting ITRs. The ITR form is currently available both online and offline.
A notice was released on February 10 and February 14.
In the event that you miss the deadline for submitting your ITR, the department may charge you a high penalty. The CBDT announced ITR filing for the fiscal year 2022-23 (AY 2023-24) by notifications on February 10 and February 14, 2023. Following that, CBDT released notices for ITR-1 and ITR-4 on April 25, 2023. A notification for ITR-2 was made public on May 11, 2023. Concurrently, ITRs might be filed electronically.
Income Tax Return submissions are accepted up until July 31.
According to the Income Tax Department, salary earners and taxpayers whose accounts don’t require an audit can submit ITRs until July 31, 2023. A punishment of between Rs 1,000 and Rs 5,000 may be imposed on you if, for whatever reason, you are unable to submit your ITR before the deadline of July 31. If your ITR is submitted after the deadline, you must first pay the fine.
Additionally, you can still be liable for a penalty
even if your overall taxable amount is zero. The Income Tax Department also has the power to notify you in addition to this. You have until July 31, 2023, or earlier, to file your ITR if you choose to use the new tax system. After this, ITR filers won’t have the choice to select the new tax system.
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