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The Essential Guide to ITR Filing and Compliance

Updated: Nov 30, 2023

It is the time of the year when we must get attuned to the rhythms of ITR due dates and other taxation compliance. Start early, stay updated, and we will keep your financial growth sailing, compliant, and anchored!


A person's financial year is a 12-month period in which they receive income subject to tax. The assessment year is the subsequent 12-month period in which the previous financial year's income is evaluated for tax purposes, taxes are collected, and the income tax return is filed.


The last date for submitting an Income Tax Return (ITR) for the financial year 2021-22 (the assessment year 2022-23) without incurring a late fee was July 31, 2022. Similarly, the last date for submitting Income Tax Returns for the financial year 2022-23 (the assessment year 2023-24) is tentatively July 31, 2023.

The previous due dates for three categories of taxpayers were as follows:


1) Individual / HUF/ AOP/ BOI: July 31, 2022

Note: Audit is not needed for the books of accounts


2) Businesses: October 31, 2022

Note: Audit is required


3) Businesses (The ones that require TP Report): November 30, 2022

Stay in the know of the penalties that get levied if you exceed the due date for filing.

Filing income tax returns after the due date can result in paying interest and a late fee. The interest rate is 1% per month under Section 234A on the outstanding tax amount, while a late fee of Rs. 5000 (reduced to Rs. 1,000 for income less than Rs. 5 lakhs) is levied under Section 234F. If you have suffered losses in stocks, property, or business, you can lower your tax liability by carrying forward these losses and adjusting them in your next year's return, but only if you declare them in your ITR and file it before the due date. If you miss the deadline, you can still file a belated return, but you will incur the late fee and interest and cannot carry forward losses. The deadline for a belated return is December 31st of the assessment year (unless extended), which is December 31, 2022, for the current year.


Taxpayers often feel confused about whether they need to attach any documents to the return of income because the Income Tax Act specifies obtaining certificates and proofs to claim deductions.


Let us do away with this confusion today.


You need not attach any documents with the return of income, neither manually nor electronically. Please note that the income tax return you file is an ‘annexure less’ return, which means no documents or proofs are required to get attached to the returns. However, the taxpayers must preserve the certificates and receipts for future reference and need not attach or send them to anyone. The taxpayer will need to submit the proofs to the assessing officer in case they get sent a notice asking for documents or clarification about the transactions mentioned in the returns.


To e-file your income tax returns in India as a salaried employee, you will need to gather certain documents. This includes your PAN, Form-16 issued by your employer, and monthly salary slips. You must also collect information on taxable allowances received, including exemptions claimed such as house rent allowance and leave travel allowance, and include this information in your IT return.


Stay clear of the penalties, and steer your goals strategically, keeping in mind the last date to file ITR.


FAQs

Q1 What is the last date to file ITR?

The last date for submitting an Income Tax Return (ITR) for the financial year 2021-22 (the assessment year 2022-23) without incurring a late fee was July 31, 2022. Similarly, the last date for submitting Income Tax Returns for the financial year 2022-23 (the assessment year 2023-24) is tentatively July 31, 2023.


Q2 What is the difference between the financial and assessment year regarding the income tax (ITR) filing due date?

A person's financial year is a 12-month period in which they receive income subject to tax. The assessment year is the subsequent 12-month period in which the previous financial year's income gets evaluated for tax purposes, taxes are collected, and the income tax return is filed.



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