ITR AY 2023-24:When to File and Penalty Fees for Late Filing

The last day to file the Income Tax Returns (ITR) for income received in FY 2022-2023 will be July 31, 2023. The ITR filing deadline is expected to be the same this year i.e.July 31 and the penalty for late filing is Rs 5,000 but it doubles that amount for later filings. If your taxable income is less than Rs 5 lakh, the maximum penalty is Rs 1,000. However, if the tax evaded exceeds Rs 25 lakh, the penalty could range from 6 months to 7 years, according to the Income Tax Department's website. Here are a few things that taxpayers should be aware of such as when to file an ITR to how to file an ITR.

Which Tax Return To File?

The Income Tax Department has notified seven different forms, namely ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6, and ITR 7. An yearly income tax return (ITR) must be submitted by the deadline if you have taxable income or fulfil other requirements. Choosing the appropriate ITR form for filing requires careful consideration of both the income information and the various disclosure requirements that are periodically prescribed.

When to file an ITR?

With the new assessment year commencing from April 1, filing of ITR will also begin. From April 1 to July 31, taxpayers can file their ITRs for the income they received in FY 2022-23.

Where to file an ITR?

Online filing is known as e-filing, and it can be done through the official website of the Income Tax Department. Offline filing is where you can use the Offline Utility for ITRs to file your Income Tax Returns. Both offline and online filing options are available for ITR.

Who can file an ITR?

An annual Income Tax Return (ITR) must be submitted by the specified due date for all individuals with taxable income or who meet other prescribed conditions.