ITR Filing Last Date for AY 2023-24 is July 31, 2023: Follow These Steps to File ITR

Taxpayers can start filing their Income Tax Returns (ITR) for the financial year 2022-23 from April 1, with the new assessment year beginning from the same date. The deadline for filing ITR is July 31, after which taxpayers will have to file a belated ITR, which may attract penalties or other costs.

Taxpayers have the option to file their ITR both online and offline. The online mode is called e-filing and can be done through the Income Tax Department's website, which is incometax.gov.in. On the other hand, for the offline mode, taxpayers must use the Offline Utility for ITRs to file their income tax returns.

During the ITR filing season, individuals in India who earn a taxable income or satisfy specific conditions, such as owning more than one property, foreign assets, or holding directorship in a company, must file an annual Income Tax Return (ITR) within the stipulated deadline.

ITR-1 form can be filed by an individual with a total income of up to Rs 50 lakh and who receives income from salary, one house property, and other sources such as interest.

If you have income from residential property and your total income exceeds Rs 50 lakh, you must file ITR-2. Professionals are required to file ITR-3.

Collect all the relevant documents, such as Form 16 (issued by the employer), Form 16A (issued by deductors), bank statements, investment proofs, and other supporting documents related to income and deductions.

Calculate your total income from all sources and determine the tax liability by applying the appropriate tax rates. Consider eligible deductions under various sections of the Income Tax Act to reduce your tax liability.

Select the appropriate ITR form based on your income sources, residential status, and other criteria. Ensure that you choose the correct form to accurately report your income and claim deductions.

Fill in the required details in the chosen ITR form either manually or using the online platform provided by the Income Tax Department. Verify the information entered and double-check calculations to avoid any errors.

After filing the ITR, complete the verification process by electronically signing the form using an Electronic Verification Code (EVC) or by sending a physical copy of the ITR-V (Acknowledgement) to the designated address within the specified timeframe.