Income Tax Return: Filing income tax return is necessary for every taxpayer. In such a situation, it becomes very important for the people to file income tax return.
Income tax return is filed in India according to the new tax regime and old tax regime. The slabs for paying tax under both these tax regimes are different. However, if you want to file income tax return for the financial year 2022-23, then you have to take care of one important thing.
Income tax return
Individuals having income above the basic exemption limit during a financial year have to compulsorily file Income Tax Return (ITR). The last date for filing ITR for the financial year 2022-23 (Assessment Year 2023-24) is 31 July 2023. In such a situation, people must take care of this date.
Income Tax Return Update
Now only two months are left to file income tax return. If the income tax return is not submitted by the due date, then the penalty will also have to be paid at the time of filing the income tax return. ITR filing is a three-step process and takes much longer than uploading the return of income. The first part is the filing of the tax return, the second is the verification of the ITR and the third is the processing of your ITR through the tax authorities.
Also if ITR is not verified before the last date then it is considered invalid. However, if a taxpayer fails to verify their ITR before the due date, they can file an condonation request with the tax department citing a valid reason for the delay. If the pardon request is in order, the return will be verified.