Income Tax Returns (ITRs) must be filed by July 31 for the FY 2022-23. April 1 will mark the start of the new assessment year 2023-24. Usually, the ITR filing due date is July 31. This year’s tax returns are expected to be due on the same date.
“The penalty for filing a late ITR is Rs 5,000 but it doubles that amount for later filings. However, if your taxable income is below Rs 5 lakh, the maximum penalty will be Rs 1,000. On the other hand, if the tax evaded exceeds Rs 25 lakh the punishment could be 6 months to 7 years”, as per the website of the Income Tax Department.
WHICH TAX RETURN TO FILE:
The Income Tax department has notified seven different forms i.e., ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6 & ITR 7 to date. All individuals having taxable income or those who satisfy other prescribed conditions are required to file an annual income tax return (ITR) within the specified due date.
The applicability of ITR forms varies depending on the sources of income of the taxpayer, the amount of the income earned, and the category the taxpayer belongs to, like individuals, HUF, companies, etc. One needs to carefully ascertain the appropriate ITR form for filing, keeping in mind not only the details of income but also the various disclosure requirements prescribed from time to time.
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