ITR Filings: Taxpayers can now file their ITR (Income Tax Return) online for assessment year 2023-24. The Income Tax Department said that ITR-1 form and ITR-4 form are now available online for taxpayers.
Till now these forms were only available offline. However, now the Income Tax Department has given information about their availability online through a tweet. To make it easier for the taxpayers to fill the form, a lot of information related to them will be pre-filled in the form.
Most of the people who file income tax returns are salaried people or individual taxpayers. The last date for filing ITR without penalty for these people is 31 July 2023. Those filling the form after July 31 may have to pay a fine.
Last date for filing ITR for different categories of taxpayers-
1. For individual taxpayers, Hindu Undivided Family (HUF), Association of Persons (AOP) or Body of Individuals (BOI) whose books of accounts are not required to be audited, the last date for filing returns is 31 July 2023 .
2. The last date for filing ITR for businesses whose accounts need to be audited is 31 October 2023.
3. The last date for filing ITR for businesses with international transactions or certain domestic transactions is 30 November 2023.
4. The last date for filing revised ITR and belated returns has been fixed as December 31, 2023.
What will happen if ITR is not filed on time?
Interest: If you file your return after the last date, you will be required to pay interest at the rate of 1% per month on the unpaid tax amount under section 234A of the Income Tax Act.
Late fee: A fine of Rs 5,000 has to be paid under section 234F. This will be reduced to Rs 1,000 if the total income is less than Rs 5 lakh.
Loss Adjustment: If you have incurred loss in stock market, mutual funds, properties or any of your business, then you can carry it forward and adjust it against next year’s income. This helps in reducing your tax liability significantly. Adjustment of loss is allowed only if you declare the loss in your ITR and file it with the Income Tax Department before the due date.
Belated Return: If you are not able to file the ITR form till the last date and file it after that then it is called belated return. In belated returns also, taxpayers have to pay penalty and interest, but they are not allowed to adjust the loss in future. This year you can fill belated ITR till 31 December 2023.
