#itr filing process 2022

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Income Tax Return Filing for AY 2022-23, AY 2023-24 & AY 2024-25

#ITR #ITRfiling #incometaxreturn #incometax #taxplanning #taxservices

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ITR filing Last Date: FY 2022-23 (AY 2023-24) - Tax Craft Hub

The last date for filing Income Tax Returns (ITR) in India typically falls on July 31st of each assessment year for individuals and entities not requiring an audit. However, this deadline may be extended by the government under special circumstances or due to technical difficulties. It's crucial for taxpayers to file their ITR on time to avoid penalties, interest on unpaid taxes, or legal consequences. Missing the deadline can result in a late fee of up to ₹10,000, along with other potential issues like delays in processing refunds or the inability to carry forward losses. Therefore, it is advisable to complete the filing process well before the deadline to ensure compliance and avoid last-minute stress.

For More Information About ITR filing Last Date

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New Rules in the Banking Sector

Banking services must include accepting deposits, lending money, facilitating transactions, and offering various transaction products such as saving accounts, loans, and credit cards. Mainly bank is a type of financial institution that is permitted to accept customers' deposits and provide a loan. There are such types of banking sectors as Retail banks, Commercial banks, corporate banks, cooperative banks, Regional rural banks, central banks, and investment banks.

Why Banking sector is good?

Checking and saving accounts, loans, mortgage services, wealth management, providing credit and debit cards, and overdraft services, are the most important banking services in the banking sector.

How does the banking sector work?

The customers deposit their money in banks, and then banks lend the money in different loans like car loans, credit loans, business loans, home loans, etc. the loan recipients spend the money they borrow, then the banks earn the interest loans, and the process keeps money moving through the systems.

The rules of banking sectors:

Demat account holders' nomination declarations:

Demat account holders will have to provide nomination declarations or opt out of nominations by January 1, 2024. Account holders failing to do so will not be able to transact in stocks. Earlier, the deadline to furnish nomination details was September 30.

Aadhaar Card:

Aadhaar card holders wanting to change their details will be able to do so till December 31, 2024. However post this date, an amount of Rs 50 will be imposed on those wanting to change their personal details in the Aadhaar card.

KYC for SIM card:

All KYC-related work will be done in digital mode only. People applying for new SIM cards will not have to fill out paper forms for the Know-Your-Customer process.

 Bank locker agreement:

People holding lockers in banks will have to sign the revised agreement by December 31, 2023. If customers will fail to do so, their lockers will be frozen.

New rule to save users from online fraud:

As smartphone usage has unscaled in India, online fraud and scams have unscaled and have seen a parallel increase. The government has been taking a decisive stance to curb these issues.

Legal consequences for fake SIMs:

As per the new Telecommunication Bill, individuals who will be found purchasing fake SIM cards will be facing severe consequences and the offenders will further be subjected to a jail term of up to 3 years and a fine worth Rs. 50 lakh.

Mandatory biometric details for verification:

Telecom companies will now collect biometric data which will be mandated for every customer who is purchasing a SIM card. The inclusion of biometric details is a measure to safeguard fraudulent SIM card transactions and ensures strict action against the offenders.

Income Tax Return:

People will not be able to file Income Tax Returns (ITR) for financial year 2022-23 from January 1, 2024. Those who have not filed ITR for 2022-23 can file them with penalty fee till December 31.

Inactive UPI IDs:

The National Payments Corporation of India (NPCI) in a circular dated 7 November, has asked payment apps and banks to deactivate the UPI IDs and numbers that have not been active for more than one year. Every bank and third-party app has to follow these till 31st December.

UPI transaction limit hiked for hospitals, schools.

Deactivation of inactive UPI IDs.

UPI Lite wallets transaction limit increased.

No authentication for UPI auto payments.

Interchange fee on UPI merchant payments.

Google Pay:

The Gpay limit per day for money transfers for users in India is ₹1, 00,000. Moreover, the maximum times you can send money in a day cannot exceed 10 in Gpay or any other UPI app.ShreeCom Infotech Pvt. Ltd. Pune offering different types of banking sectors software’s like Co-Operative credit society software, core banking software, Retail banking software, SMS banking software, Pat pedhi software, Employees co-op credit society software, salary earners society software or you can google search for banking software near me

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have you missed your Income Tax Return Filing? Don't worry file your ITR for Last 3 year. AY 2021-22, AY 2022-23 and AY 2023-24. Contact Us +91 9818209246

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Simplifying Your Tax Season: Finding Income Tax Filing Services Near You

Introduction:

As tax season approaches, the task of filing your income tax returns might seem daunting. Whether you're a seasoned taxpayer or a first-timer, having a reliable and convenient income tax filing service near you can make the process smoother. In this blog post, we'll explore the importance of timely tax filing, the benefits of using professional services, and how to find the right income tax filing assistance in your local area.

1. The Importance of Timely Income Tax Filing:

Filing your income tax returns on time is crucial to avoid penalties and legal consequences. Many individuals delay the process due to its complexity or lack of understanding, but with the right assistance, you can ensure compliance with tax regulations and enjoy peace of mind.

2. Benefits of Using Professional Income Tax Filing Services:

a. Expertise: Professional tax preparers are well-versed in tax laws and regulations. Their expertise can help you navigate the complexities of the tax code, ensuring accurate and efficient filing.

b. Time Savings: Filing taxes can be time-consuming, especially if you have a complex financial situation. Professional services can save you time and effort, allowing you to focus on other important aspects of your life.

c. Maximizing Deductions: Tax professionals are adept at identifying eligible deductions and credits, potentially saving you money. They can help you optimize your return and ensure you're not missing out on any available benefits.

d. Peace of Mind: With a qualified tax professional handling your filing, you can have peace of mind knowing that your returns are accurate and in compliance with tax laws.

3. How to Find Income Tax Filing Services Near You:

a. Local Tax Firms: Research local tax firms or accounting offices in your area. Many firms offer income tax filing services and can provide personalized assistance.

b. Online Platforms: Explore online platforms that connect you with tax professionals in your locality. These platforms often allow you to read reviews and compare services before making a decision.

c. Recommendations: Ask friends, family, or colleagues for recommendations. Personal experiences can offer valuable insights into the reliability and efficiency of local tax filing services.

d. Community Centers and Nonprofits: Some community centers and nonprofit organizations offer free or low-cost tax preparation services. Check with local community resources to see if such programs are available in your area.

Conclusion:

Filing your income tax returns doesn't have to be a stressful experience. By utilizing professional income tax filing services near you, you can simplify the process, ensure accuracy, and potentially maximize your returns. Take the proactive step of finding reliable assistance, and make this tax season a smoother and more rewarding experience.

Confused? Talk to our experts. Explore our guides and tools for a smooth filing experience:

- Income Tax e-Filing for FY 2022-23

- Income Tax Slabs for FY 2023-24

- Income Tax Calculator

- Section 80 Deductions

- Old vs New Tax Regime

- Check Aadhar PAN Card Link Status

- ITR Filing Last Date for FY 2022-23

- Capital Gains Tax in India

Have questions? Check out our FAQs or reach out to us. Let's make this tax season stress-free and rewarding for you! 💰📅

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7.65 Crore AY 23-24 ITRs Filed with 96% Already Processed

7.85 Crore ITRs Filed on Schedule

Over 7.85 crore Personal Government forms (ITRs) were documented on schedule, as indicated by the Personal Duty Division, setting a “record-breaking” figure.

The Personal Duty Division made an announcement expressing that 7.85 crore Income Tax Returns for all evaluation years were documented in the monetary year 2023-24, breaking the past record of 7.78 crore documented in the financial year 2022-23. breaking the previous record of 7.78 crore filed in the fiscal year 2022–23. October 31 was the deadline for reporting Income Tax Returns (apart from ITR 7) for taxpayers whose books of accounts needed to be audited and who were not engaged in certain domestic or foreign transactions.

In contrast with the 6.85 crore ITRs documented by November 7, 2022, the cutoff time for recording such ITRs in the earlier year, more than 7.65 crore ITRs for the appraisal year 2023-24 were recorded by October 31, 2023, addressing a 11.7% increment. Of the 7.65 crore ITRs petitioned for AY 23-24, a bigger number of than 7.51 crore have been confirmed, and as of October 31, 7.19 crore have been handled, or around 96% of the checked ITRs.

More than 1.44 crore different statutory forms were filed by the deadline of October 31, which also served as the deadline for filing important statutory forms such Forms 10B, 10BB, and 3CEB.

Also Read: Deloitte Haskins Resigns as Statutory Auditors of Adani Ports

According to the statement, the e-filing system effectively handled traffic throughout the busiest filing days, providing tax professionals and taxpayers with a flawless form and ITR submission experience.

Follow Digital Fox Media for latest business news.

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Last-Minute Income Tax Return Filing Guide: Don't Miss Today's Deadline!

Today marks the final day for filing your online income tax return in Delhi as emphasized in multiple official bulletins by the income tax department, with no extension being granted for the FY 2022-23 (AY 2023-24). If you have yet to file your income tax return, it is crucial to do so promptly today.

According to data released by the Income Tax Department, a considerable number of taxpayers have already successfully filed their ITRs for FY 2022-23 (AY 2023-24), and numerous taxpayers have also received their refunds.

Nevertheless, there are still several hundred salaried taxpayers who have not yet submitted their income tax returns for FY 2022-23. It's important to note that failing to file your ITR before the due date can lead to several consequences. If you miss today's deadline and file your return after the due date, you will be subject to a late fee. Non-furnishing or late furnishing of the return of income can also incur interest under section 234A. Additionally, there are fees under Section 234F for delayed filing, ranging from ₹1,000 to ₹5,000. It is, therefore, advisable to file your returns before the end of the due date.

If you are handling the income tax return filing process yourself, follow this step-by-step guide to avoid any errors:

Important documents needed:

The e-filing portal now provides pre-filled ITR forms, but certain incomes, such as capital gains, require manual filling. Prepare the following important documents while filing your income tax returns:

Form 16

Form 16A

Form 26AS

Capital gains statements

Proof of tax-saving investments

PAN Card

Medical insurance statement (if applicable)

Step-by-step guide to filing ITR:

·       Go to the Income Tax e-Filing portal.

Log in to the portal using your user ID (PAN), Password, and Captcha code.

Click on the 'e-File' menu and select the 'Income Tax Return' link.

Choose the appropriate Income Tax Return (ITR) form. As a salaried taxpayer with Form 16, you can use either ITR-1 or ITR-2.

Select the assessment year (AY) for which you want to file the ITR. In this case, choose the assessment year 2023-24.

Validate all the data entered in the form and submit it.

After submitting your return, verify it through any available options, such as Aadhaar OTP, etc.

Finally, re-check all your details and upload the form. Remember, your job is not complete until you verify your Online Income Tax Return Service in Delhi.

Conclusion

You all go with your trusted provider of Income Tax Return Services, and you can rest assured knowing that your financial matters are in capable hands. Their commitment to professionalism, integrity, and client satisfaction sets them apart. Experience the difference Taxgoal can make in simplifying your financial journey and achieving your tax goals. Contact them today and take the first step toward a brighter financial future.

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Common Questions While Filing Income Tax Return

Understanding Income Tax Return (ITR) Filing

An Income Tax Return (ITR) is a form that taxpayers file with the tax authority to report their income and tax payments. The ITR form is used to calculate the taxpayer’s tax liability, schedule tax payments, or request refunds for the overpayment of taxes.

In India, the Income Tax Act, 1961, and the Income Tax Rules, 1962, obligate citizens to file returns with the Income Tax Department at the end of every financial year. These returns should be filed before the specified due date. Every Income Tax Return Form is applicable to a certain section of the Assesses. Only those Forms which are filed by the eligible Assesses are processed by the Income Tax Department of India.

Different types of ITR forms and their applicability

India’s Income Tax Department categorizes taxpayers based on their income sources and assesses the category. There are seven types of ITR forms for individuals: ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6, and ITR 7. ITR 1 is for residents with income from salaries and other sources, ITR 2 for those without business income, and ITR 4 for those using the presumptive taxation system. ITR 3 is for individuals or Hindu Undivided Families with income from proprietary businesses or professions, ITR 5 for firms, LLPs, AOPs, and BOIs, and ITR 6 for companies not claiming exemption under section 11. ITR 7 is for persons including companies required to furnish returns under sections 139(4A), 139(4B), 139(4C), or 139(4D).

In India, the due date for filing ITRs is usually July 31st of the assessment year. However, for the financial year 2022-23, the due date for filing ITRs has been extended to September 30th, 2023.

It is important to note that the due dates for filing ITRs can vary depending on the type of taxpayer and the country of residence. Taxpayers should consult with their best Income Tax Return Filing Agency in Kochi, Kerala, Chennai, India, to determine the specific due dates that apply to them.

Here are some general FAQs which are useful in uploading ITR:

Do I need to file an income tax return even if my taxable income is below the threshold limit?

Yes, you do. If your total aggregate income is up to ₹2.5 lakhs, you don’t have to file a return. However, if your income exceeds ₹2.5 lakhs, return filing becomes mandatory. Even if, after deductions and rebates, your taxable income is reduced to an amount below ₹2.5 lakhs, you will have to e-file an income tax return stating your income, its sources, the available deductions, and rebate. Though you will not have to pay tax, return filing is mandatory

Which income tax form should I use for filing income tax?

The form to be used for filing income tax returns depends on the source and amount of income. For example, ITR-1 (Sahaj) is for individuals having income from salary, one house property, family pension income, agricultural income (up to ₹5000/-), and other sources, which include interest from savings accounts, deposits, income tax refund, enhanced compensation, and any other interest income.

What are the types of income that shall not form part of the total income?

Some types of income that are exempt from tax and do not form part of the total income include agricultural income up to ₹5,000, long-term capital gains on sale of equity shares or units of equity-oriented mutual funds, dividend income up to ₹10 lakhs, and interest income up to ₹50,000 for senior citizens.

What precautions should I take while filing the return of income?

Some precautions to take while filing the return of income include downloading AIS and Form 26AS and checking the actual TDS / TCS / tax paid, reconciling any discrepancies with the employer / tax deductor / bank, and carefully studying the documents to be referred to when filing the ITR, like bank statement / passbook, interest certificates, receipts to claim exemptions or deductions, Form 16, Form 26AS (Annual Information Statement), investment proofs, etc.

How can I e-verify my income tax return?

There are several ways to e-verify your income tax return, including using Aadhaar OTP, net banking, bank account-based validation, and demat account-based validation.

What are the consequences of not filing an income tax return?

If you are required to file an income tax return but fail to do so, you may be liable to pay a penalty of up to ₹10,000. Additionally, you may not be able to carry forward losses or claim refunds in future years.

Filing an Income Tax Return is an important obligation for taxpayers to fulfill. Taxpayers should be aware of the different types of ITR forms and their applicability, as well as the due dates for filing ITRs, to avoid any penalties or fines. We are the best Income Tax Consultants in Kochi, Kerala, Chennai, India, we are a team of professional who can help you with all your Income Tax Return related queries.

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About State Tax Filing Pro Automation?

The process of reporting and paying income taxes to the state government is known as state tax filing. It is crucial to check with your state's tax agency to find out what forms you need to file and when they are due because each state has different procedures for filing state taxes.

Generally speaking, if you received income from that state, you must file a state tax return. Each state has a different threshold for how much money you must make to have to file a state tax return. For instance, if your taxable income in California exceeded $1,225 in 2022, you must file a state tax return.

Additionally, each state has a different date for filing state tax forms. Most of the time, you must submit both your state and federal tax returns by the same deadline. There are a few exceptions, though. For instance, in California, the due date for state tax returns is April 15 whereas the due date for state tax payments is June 15.

The forms must be requested by mail or downloaded from the website of your state's tax agency if you choose to file by mail. After filling out the forms, you must mail them to the address listed on the forms.

If you choose to file by phone, you must contact the tax department in your state and speak with a person. The representative will assist you with filing your return electronically and completing it.

You might be eligible to ask for an extension if you are unable to submit your state tax return by the due date. Also different from state to state is the deadline for submitting an extension request. The majority of the time, you must submit an extension request by the same date as your federal tax return. There are a few exceptions, though. The deadline for requesting an extension, for instance, is October 15th in California.

You can be charged fines and interest if you fail to submit your state tax return by the due date. The penalty's size will be determined by your tax debt and how late you filed your return.

Filing Individual Income Taxes

The act of completing an annual tax return with the government to disclose your income and expenses is known as individual income tax filing. Every individual in India who earns more than Rs. 2,50,000 in taxable income during a fiscal year is required to file an individual income tax return.

Depending on your salary and source of income, you can file your taxes using a variety of income tax return (ITR) forms. The most typical ITR forms for people are:

ITR-1 (Sahaj): For people who have a simple source of income, such as a wage, interest, or dividends.

ITR-2: For people having a more complicated form of income, such as capital gains, rental property income, and income from a business or profession.

ITR-3: For those with income from a company or profession who have chosen the presumptive taxation plan.

ITR-4: For those who have chosen the composition plan and have income from a business or profession.

ITR-5: For people who don't live in India but receive income there.

Depending on your preference, you can file your income tax return either online or offline. You must register for an account on the Income Tax Department's e-filing portal before you may submit your return online. You can log in and choose the ITR form you want to use after creating an account. The form will next need to be filled out with your financial and personal information. You may submit the form online once you've completed filling it out.

You can obtain the necessary ITR form from the Income Tax Department's website to file your income tax return offline. After downloading the form, you can fill it out and deliver it to the local tax office.

The advantages of filing your income tax return include the following:

You can claim exemptions and deductions from your income, which can lower the amount of taxes you owe.

Any extra tax that you have paid can be refunded.

Penalties for late or incomplete return submissions are avoidable.

You can document your earnings and outgoings for later use.

A tax consultant or chartered accountant can assist you if you need guidance on how to submit your income tax return.

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A GUIDE  ALMANAC TO INCOME TAX RETURN FILING

Are you someone who has moved to Hyderabad recently to find a job or to do a job? Are you someone, In case if you are  residing and doing a job in Hyderabad then you must know that all earning individuals in Telangana must  file pay professional income tax returns (ITR) as per their Income, as per Indian Govt rules  

According to the 2023 Oxford Economics report, Telangana’s capital city is expected to beat economic growth among many global cities in the Asia Pacific region. ( Add citation link as a superscript )  

The city has surpassed Bengaluru in the new office space addition in the first half of the financial year 2022-23. The city is on its way to becoming a larger economy with different types of businesses. ( Add Graph screenshots )  

The need for income tax filing also increases as there is exponential growth in the economy and the number of people filing.

Most people refrain from doing it because of the hectic procedures, but do you know that it is mandatory and also your right as it is the confirmation of your income?  

If not, then you must read more about Income Tax filing and its benefits.

What is Income Tax Return Filing?  

According to the Income Tax Act, Filing IT to the government of India is mandatory for all Indian Citizens to file Income tax returns. All individuals, an association or a firm, LLP, a local authority, or a Hindu undivided family are required to pay the income tax for each financial year under Income Tax laws.  

 Income Tax Return is often termed as ITR or IT returns. Through this ITR filing a taxpayer must record his total income earned during the fiscal year. Individuals can file their taxes Online or Offline at their convenience. It is filed in seven different forms: ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6, and ITR 7  

Documents required for Filing ITR  

To file income tax returns online, certain documents are necessary. These include,  

Pan card

Form 26AS

Form 16A, 16B, 16C

Salary Pay slips

Bank statements

Interest certificates

TDS certificate

Proof of tax-saving investments

Process of Filing Income Tax Returns  

Step 1 – Evaluate your income tax liability using the procedures outlined in the Income Tax Rules.  

Step 2 – Check Form 26AS for a summary of your TDS payment for each quarter of the assessment year.  

Step 3 – Check which group you fall into based on the eligibility requirements provided by the Income Tax Department (ITD).  

Step 4 – Go to the Income Tax Department’s official e-filing portal at https://eportal.incometax.gov.in/iec/foservices/#/login.  

Step 5- If you are a first-time user, click the ‘Register’ button to create an account. If you have registered before, click the ‘Login’ option.  

Step 6 – Under the ‘e-file’ menu, select the ‘File Income Tax Return’ option.  

Step 7- From the website’s list, select the category that applies to you – individual, Hindu Undivided Family (HUF), and so on.  

Step 8 – Select the appropriate ITR Form for your situation.  

Step 9- Enter your bank account information. If you have previously submitted the same information, you will be requested to pre-validate the information.  

Step 10 – Review the pre-filled details of your ITR on a new online page. Check the details and make any necessary adjustments. Once you are certain that all of the relevant data in the form is correct, confirm and validate it.  

Step 11 – When the process is finished, verify the returns and mail a hard copy to the Income Tax Department.

Due Date for filing ITR 2023-2024  

According to the Income Tax Act, penalties may arise if the income tax is not paid within the specified period. Income tax return filing should be completed within the assessment year following the financial year. The government may extend the due dates, and there are penalty provisions under Sections 234 A and 234 F of the Income Tax Act.  

Category of Taxpayer  

Penalties for Late Filing ITR  

Huge penalties are imposed on the taxpayer if the returns are not filed by the deadline. If the returns are not filed, the person may experience extra hassles and repercussions in addition to penalties. Individuals may be subject to fines ranging from Rs. 1,000 to Rs. 10,000 depending on when their returns are filed beyond the deadline.

Importance of Filing ITR  

Failing to file an income tax return can result in fines and legal repercussions. Income tax reports are required to be filed by everyone with a particular level of income.  

Submitting an ITR is evidence of income and is frequently needed when requesting loans, visas, or other official documents.  

Filing an ITR enables people to claim tax credits and benefits, lowering their tax obligations and raising their take-home pay.  

It indicates financial responsibility and dependability to lenders and financial institutions, completing ITR on a regular basis can help improve a credit score.  

Last but not least, submitting an ITR also aids in the development of the country because taxes collected by the government are used for the development of infrastructure, social welfare programs, and other public services.  

For taxpayers in India, Filing Income Tax Returns (ITR) is a requirement that must be fulfilled in order to reap several benefits. ITRs are also used as proof of income for self-employed people, and they can speed up the loan and visa application process.  

The Income Tax Department’s streamlined e-filing approach makes it simple for people to file their ITRs from the comfort of their homes. To avoid any inconvenience and enjoy the benefits that come with it, it is therefore advised that all taxpayers file their ITRs on time.  

If you still need help regarding filing your income tax, Contact our Tax filing experts at 24efiling by clicking here

Reference:  

https://www.bankbazaar.com/tax/income-tax-return.html

https://groww.in/p/tax/income-tax-return

https://www.financialexpress.com/money/income-tax/itr-e-filing-start-date-2023-on-incometaxgovin-when-will-income-tax-return-filing-begin-this-year/3051603/

Income tax ,TDS,GST, private limited ,LLP,

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ITR filing is a very crucial process! One should always learn all the aspects beforehand and carefully decide which ITR form is the right one to file. Choosing the wrong ITR form will result in getting legal notice from the IT Department to file a revised ITR.

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Income Tax Return Filing for AY 2022-23, AY 2023-24 & AY 2024-25

Have You missed your Income Tax Return Filing? Dont worry! You can file your Income Tax Return Uptoo 3 year under section 139(8A) Do you want to file your ITR for AY 2022-23, AY 2023-24 & AY 2024-25? Contact Us today to get your filed ITR

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What is Income Tax Return: How to file ITR (FY 2022-23)

An Income Tax Return (ITR) is a form used by taxpayers to report their income, expenses, and other tax-related information to the Income Tax Department. For the fiscal year 2022-23, individuals and businesses in India can file their ITR online through the Income Tax e-filing portal. The process involves registering or logging into the portal, selecting the appropriate ITR form based on the taxpayer's income sources, filling in the required details, and uploading necessary documents. After completing the form, taxpayers should verify their return through methods like Aadhaar OTP, net banking, or sending a signed physical copy to the Centralized Processing Center (CPC) in Bengaluru. Timely filing of ITR is crucial to avoid penalties and to claim refunds or carry forward losses.

For more Information about Income Tax Return

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Due-dates for ITR Filing Online for FY 2022-23

The Income Tax Department has introduced seven different forms, namely Form ITR 1 to ITR 7, for filing Income Tax Return based on the type of income and entity. It is crucial for every taxpayer to file their Income Tax Return within the stipulated due date. In this article, we have compiled all the essential ITR Filing Due Dates for Individuals, Companies, LLPs, Firms, and HUFs for the Financial Year 2022-23 (Assessment Year 2023-24).

What is an Income Tax Return (ITR) Filing?

An Income Tax Return or ITR is a document that taxpayers must file with the Income Tax Department, declaring their taxable incomes from all sources, along with eligible deductions and tax payments. The process of filing this form is called ITR Filing or Income Tax Return filing. It is mandatory for all taxpayers, regardless of the Accounting Year adopted, to file an Income Tax Return for a particular Financial Year (i.e., April to March).

ITR Filing for Private Limited Company and One Person Company

Every company, including Private Limited Companies and One Person Companies, must file their Income Tax Return every year, irrespective of the amount of income or loss, in Form ITR 6.

However, companies claiming exemption under section 11 are not required to file an Income Tax Return.

Additionally, all companies are required to file an Income Tax Return in Form ITR 7 under section 139(4A) or 139(4B) or 139(4C) or 139(4D).

Due dates for ITR Filing for Companies (Private Limited Companies & OPCs) for FY 2022-23 (AY 2023-24):

For Companies that do not require Audit, the due date for ITR Filing for FY 2022-23 is 31st July 2023.

For Companies that require audit, the due date for ITR filing for FY 2022-23 (AY 2023-24) is 31st October 2023.

The due date for Tax Audit Report filing is 30th September 2023.

ITR filing for Limited Liability Partnership (LLP) for FY 2022-23

Every Limited Liability Partnership (LLP) is required to file an Income Tax Report, irrespective of the amount of income or loss, in Form ITR 5 for a particular Financial Year.

Due dates for ITR Filing for LLPs for FY 2022-23 (AY 2023-24)

For LLPs that do not require Audit, the due date for ITR Filing for FY 2022-23 is 31st July 2023.

For LLPs that require audit, the due date for ITR filing for FY 2022-23 (AY 2023-24) is 31st October 2023.

The due date for Tax Audit Report filing for LLPs requiring audit is 30th September 2023.

Income Tax return for Firms and HUF

Partnership Firms, Sole Proprietorship Firms, and HUFs having a total income of up to 50 lakhs and income from the business and profession computed under section 44AD, 44DA, or 44AE need to file their Income Tax Return in Form ITR 4.

The Hindu Undivided Families (HUFs) also need to file Form ITR 3 and ITR 2 for having and not having income from the profit and gains from the business or profession, respectively.

Due dates for ITR Filing for Firms and HUFs for FY 2022-23 (AY 2023-24)

The due date for Income Tax return filing for Firms and HUFs for FY 2022-23 is 31st July 2023.

Table showing the Due dates for Income Tax Return and Audit report filing for different categories of taxpayers for FY 2022-23 (AY 2023-24)

Category of Taxpayer: Businesses (Audit cases including Private Limited Company, OPC, LLPs, and firms)

Due Date for ITR filing for FY 2022-23: 31st October 2023

Due date to file audit report for FY 2022-23: 30th September, 2023

Category of Taxpayer: Business (Non-Audit cases including Private Limited Company, OPC, LLPs, and firms)

Due Date for ITR filing for FY 2022-23: 31st July 2023

Due date to file audit report for FY 2022-23: –

Category of Taxpayer: Association of Persons (AOP)

Due Date for ITR filing for FY 2022-23: 31st July 2023

Due date to file audit report for FY 2022-23: –

Category of Taxpayer: Body of Individuals (BOI)

Due Date for ITR filing for FY 2022-23: 31st July 2023

Due date to file audit report for FY 2022-23: –

Category of Taxpayer: Individual

Due Date for ITR filing for FY 2022-23: 31st July 2023

Due date to file audit report for FY 2022-23: –

Category of Taxpayer: Trusts, colleges, political parties (Audit Cases)

Due Date for ITR filing for FY 2022-23: 31st October 2023

Due date to file audit report for FY 2022-23: 30th September, 2023

Category of Taxpayer: Trusts, colleges, political parties (Non-Audit Cases)

Due Date for ITR filing for FY 2022-23: 31st July, 2023

Due date to file audit report for FY 2022-23: –

Category of Taxpayer: Report to be filed u/s 92E

Due Date for ITR filing for FY 2022-23: 31st October 2023

Due date to file audit report for FY 2022-23: –

Category of Taxpayer: Furnishing of Income Tax Return in case of Transfer Pricing

Due Date for ITR filing for FY 2022-23: 30th November, 2023

Due date to file audit report for FY 2022-23: –

Category of Taxpayer: Revised Return

Due Date for ITR filing for FY 2022-23: 31st December, 2023

Due date to file audit report for FY 2022-23: –

Category of Taxpayer: Belated/Late Return

Due Date for ITR filing for FY 2022-23: 31st December, 2023

Due date to file audit report for FY 2022-23: –

Taxpayers in India should take note of the due dates mentioned above for filing Income Tax Returns for the Assessment Year 2023-24 (Financial Year 2022-23). Nevertheless, it should be noted that these dates are subject to change or extension based on the notifications by the Income Tax Department of India.

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What is Income Tax?

Income tax is a tax charged on the annual income earned by an individual. The amount of tax paid will depend on how much money you earn as income over a financial year. One can proceed with Income tax payment, TDS/TCS payment, and Non-TDS/TCS payments online. All taxpayers must fill in the relevant details to make these payments. The entire process becomes simple and quick.

Income tax for FY 2020-21 applies to all residents whose annual income exceeds Rs.2.5 lakh p.a. The highest amount of tax an individual could pay is 30% of their income plus cess at 4% if their income is more than Rs.10 lakh p.a.

Who should pay Income Tax in India?

It is mandatory to file ITR for individuals If the gross total income is over Rs.2,50,000 in a financial year. This limit exceeds Rs.3,00,000 for senior citizens and Rs.5,00,000 for super senior citizens. The entities listed below are required to pay tax and file their income tax returns.

Artificial Judicial Persons Corporate firms Association of Persons (AOPs) Hindu Undivided Families (HUFs) Companies Local Authorities Body of Individuals (BOIs)

Income Tax Slabs

In the Union Budget 2020, the Finance Minister of India has announced a new income tax slab. However, the new income tax regime is optional, and individuals can either opt for the new regime or file their taxes as per the old regime.

Income Tax slab under New tax regime for FY 2022-23 & AY 2023-24

Income Tax Slab Tax Rate

Up to Rs.2,50,000 Nil From Rs.2,50,001 to Rs.5,00,000 5% From Rs.5,00,001 to Rs.7,50,000 10% From Rs.7,50,001 to Rs.10,00,000 15% From Rs.10,00,001 to Rs.12,50,000 20% From Rs.12,50,001 to Rs.15,00,000 25% Income above Rs.15,00,001 30%

Note: New income tax rates are optional

Existing Income Tax Slabs for FY 2022-23 (Alternative)

The income earned individuals will determine the income tax slabs under which they fall. The lower the income, the lower the tax liability, and those who earn less than Rs.2.5 lakh p.a. are exempt from tax.

Depending on the age of the individual, the three categories that resident individual taxpayers are divided into are mentioned below

Individuals who are less than the age of 60 years old. Senior citizens who are above 60 years old and below 80 years of age. Super senior citizens who are above 80 years old. Here is the income tax slab for individuals who are less than 60 years old:

Income Tax Slab Tax Rate

Up to Rs.2,50,000 Nil From Rs.2,50,001 to Rs.5,00,000 5% of the amount exceeding Rs.2.5 lakh From Rs.5,00,001 to Rs.10,00,000 Rs.12,500 + 20% of the amount exceeding Rs.5 lakh More than Rs.10,00,000 Rs.1,12,500 + 30% of the amount exceeding Rs.10 lakh *An additional cess of 4% will be applicable to the tax amount calculated above.

Income Tax Return

Here is all you need to know about how to file ITR online. Before you file your taxes, you will need your Form 16, provided by your employer, and any proof of investment. Using that you can compute the tax payable and refunds, if any, for the year. You can download the IT preparation software from the IT department’s website. Once you have all the documents ready, you can start the Income tax return filing process. e Filing Income Tax in India e-Filing Income Tax Return, TDS return, AIR return, and Wealth Tax Return can be completed online on https://incometaxindiaefiling.gov.in. E-filing your return has obvious advantages like the fact that you won’t have to deal with the hassle of paperwork and waste time sorting through it all. You can simply log on to the secure website and e-file your return.

This government website also has provisions for you to submit returns, view form 26AS, outstanding tax demand, CPC refund status, rectification status, ITR – V receipt status, online application tools for PAN and TAN, e-pay your tax and even has a tax calculator.

Income tax calculation

Income tax calculation can be done either manually or by using an online income tax calculator. The amount of tax that must be paid will depend on the tax slab under which you fall. For salaried employees, income from salary

includes the basic pay, House Rent Allowance (HRA), Transport Allowance, Special Allowance and any other allowances. However, certain components of your salary are tax-exempt, like Leave Travel Allowance (LTA), reimbursement of telephone bills, etc. In case HRA is part of your salary and you reside in a rented house, you are eligible to claim exemption. Apart from these exemptions, there is a standard deduction of up to Rs.50,000.

History of Income tax

The concept of taxing income is a modern innovation and presupposes several things: a money economy, reasonably accurate accounts, a common understanding of receipts, expenses and profits, and an orderly society with reliable records.

For most of the history of civilization, these preconditions did not exist, and taxes were based on other factors. Taxes on wealth, social position, and ownership of the means of production (typically land and slaves) were all common. Practices such as tithing, or an offering of first fruits, existed from ancient times, and can be regarded as a precursor of the income tax, but they lacked precision and certainly were not based on a concept of net increase.

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How to E-File Your Income Tax Returns Online: Here's a Step-by-Step Guide

How to E-File Your Income Tax Returns Online: Here’s a Step-by-Step Guide

Income Tax Return (ITR) filing has now become a more streamlined process as taxpayers can easily login to the Income Tax Department website from anywhere. With the ITR filing date for the financial year 2021-2022 is coming near (July 31), it is advised that taxpayers file their ITR before the last date. Here is a step-by-step guide to e-file your Income Tax Returns for people who are new to this…