The Process of Filing Income Tax Returns For The Financial Year 2022-23 (Assessment Year 2023-24) Has Commenced On The Income Tax Portal.

The Income Tax Return filing for the Financial Year (FY) 2022-23 or Assessment Year (AY) 2023-24 has been made available on the Income Tax Portal. The commencement of the new financial year 2023-24 began on April 1, 2023. Taxpayers are required to file their income tax returns by July 31 for FY 2022-23.

The process of filing will pertain to the income earned during the Financial Year (FY) 2022-23, which refers to the duration between April 1, 2022, and March 31, 2023.

Currently, the e-filing portal has enabled the filing of ITR-1 and ITR-4 for FY 2022-23. Additionally, the Central Board of Direct Taxes (CBDT) has also issued an Excel source for ITR-1 and ITR-4.

Read Also: Which Is Better OLD Or NEW Tax Regime For Salaried Employees

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A person or entity is obliged to file their return by the due date for filing an income tax return (which is the last date to file income tax returns) for a particular financial year. 

If they fail to do so, they may attract some kind of penalty or interest implications. The due date is 31st July 2023 for individuals for FY 2022-23 (AY 2023-24).

The Income Tax Department released the ITR forms for individuals, Hindu Undivided Families, corporations, and others in February of this year for the fiscal year 2022–2023.

There are seven different ITR form types, including ITR 1 (Sahaj), ITR 2, ITR 3, ITR 4, ITR 5, ITR 6, and ITR 7, for various people, organizations, and corporations.

The "Downloads" menu option allows taxpayers to download the ITR Offline Utility, which they can then use to fill out and submit the ITR.

Also Read: New Tax Regime & Old Tax Regime: Which Regime Is Better

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When filing their tax return, it is crucial to use the right ITR form. The tax department will send a notification to refill the return if the incorrect ITR form is utilized to file the I-T return, in which case the submission is defective.

The ITR form should be chosen according to the income sources for a specific financial year. ITR-1 and ITR-4 are not that much difficult forms and are used by many small and medium-sized taxpayers.

Also Read: TDS deduction on interest income and how to prevent it