The deadline for filing income taxes is July 31. If you miss the deadline, you will be subject to a steep penalty.

 

2023 Income Tax Deadline: The deadline for filing income taxes is almost approaching. When may you file your IT return without incurring a penalty, see?

Currently, a growing percentage of residents in the nation pay income taxes. A particular amount of money must be given to the government as tax in cases where income exceeds 5 lakhs per year (under the previous system). The citizens are required to file this income tax. A person can file an ITR even if they are on a modest income. Through ITR, the government can learn about the income and investment information of taxpayers. For the fiscal year 2022–2023, a deadline for filing income tax returns has been set. ITR forms are already accessible online and offline.

How to File Tax Returns : https://www.incometax.gov.in/iec/foportal/help/all-topics/tax-payer/individual/how-to-file-tax-returns

How to File Tax Returns : https://www.incometax.gov.in/iec/foportal/help/all-topics/tax-payer/individual/business-professional/how-to-file-tax-returns

The Central Board of Direct Taxes, the Indian Government

The income tax return forms for the fiscal year 2022–2023 have been advanced by the Central Board of Direct Taxes (CBDT) via notifications published on February 10 and 14, 2023. ITR e-filing has since begun.

Click here for More Details Regarding Central Board of Direct Taxes, Government of India : https://incometaxindia.gov.in/Pages/default.aspx

The Income Tax Department has set July 31, 2023 as the deadline for taxpayers and salaried employees to file their income tax filings. Account holders who do not have to have their accounts audited fall under this category. Taxpayers can still file ITRs either offline or online as of right now. Each taxpayer's ITR form will be appropriate based on his income.

If the ITR filing deadline is missed, what happens?

A fine of between Rs 1,000 and Rs 5,000 will be applied if ITR is not filed before July 31, 2023.

Click here for Income Tax Return : https://www.incometax.gov.in/iec/foportal/

Click here for 1st Time Registration : https://eportal.incometax.gov.in/iec/foservices/#/pre-login/register

Click here If Already Registered : https://eportal.incometax.gov.in/iec/foservices/#/login

Will this penalty be paid even if the taxable amount is zero?

This penalty is payable even if the final taxable amount is nil.

Income & Tax Calculator :  https://eportal.incometax.gov.in/iec/foservices/#/TaxCalc/calculator

Can the Income Tax Department issue the notice?

Additionally, the Income Tax Department has the authority to issue notices. The Income Tax division might also be interested in learning why the ITR filing date was missed at the same time. In addition, late ITR filing will result in set-off losses for taxpayers in subsequent years.

Click here for e-Verify Return : https://eportal.incometax.gov.in/iec/foservices/#/pre-login/eVerifyReturn-bl

Should a taxpayer submit an ITR by July 31, 2023, or earlier to choose the new concessional tax regime?

If a taxpayer wants to use the new concessional tax system, they must file an ITR by July 31, 2023, or earlier. If they submit their ITR late, income tax payers will not be allowed to choose the new tax regime. Any income tax payer can now readily file their own tax return.

The All-New e-Filling Portal! https://www.incometax.gov.in/iec/foportal/sites/default/files/2021-06/The_All_New_e-Filing_Portal.mp4?hl=en

How much extra money should I pay?

The late fee is Tk 1,000 for people whose yearly income is in the range of Tk 2.5 lakh and Tk 5 lakh. And you must pay 5000 rupees if your annual income exceeds 5 lakhs. Those who cannot deposit their income tax before July 31 must file a separate appeal. 'ITR U' form needs to be completed once more. The reason why the income tax could not be deposited on time must be known.