ITR Filing: If you are employed or do your business then you must file income tax return. According to the Income Tax Department, people with an annual income of Rs 3 lakh should file ITR.
The last date for filing ITR for the financial year 2022-23 (FY 2022-23) has already been announced by the Income Tax Department. Along with this, the ITR form has been made available both online and offline.
Notification released on February 10 and February 14
If you do not file ITR till the last date, then you can be fined heavily by the department. CBDT has announced to file ITR for the financial year 2022-23 (AY 2023-24) through notifications on February 10 and February 14, 2023. After this, notification for ITR-1 and ITR-4 was issued by CBDT on 25 April 2023. Notification for ITR-2 was issued on 11 May 2023. Along with this, e-filing of ITR also started.
ITR can be filed till 31st July
According to the Income Tax Department, salaried people and taxpayers whose accounts do not need to be audited can file ITR till 31st July 2023. If for any reason you are not able to file ITR till the last date of 31st July, then you may have to pay a fine ranging from Rs 1,000 to Rs 5,000. In case of delay in ITR, you will have to pay the penalty amount before filing.
Not only this, even if your final taxable amount is zero, you may have to pay a penalty. Apart from this, a notice can also be issued to you by the Income Tax Department. To select the option of the new tax regime, you will have to file your ITR on or before 31 July 2023. After this, ITR filers will not get a chance to opt for the new tax regime.