Tax Return Filing: The last date to file your income tax return for this year i.e. 2022-23 is July 31, 2023. You should have filed the return earlier. If you are planning to file your returns on the last dates then you may be at a loss.
The government has not yet given any information about extending the date. If you file your return on 31st July, there are chances that the portal will be down due to congestion on this day. In this report, we will learn about many important information related to the return file.
How to file return- You can file return in both online and offline mode. It is noteworthy that when the taxpayer files the return in online mode, it is called e-filing. You can file the return through the website of the Income Tax Department. On the other hand, if you want to file offline return, then for this you have to go to the ITR office.
Tax is levied on the basis of- The government imposes tax on the basis of your income. In India, all those citizens have to pay tax, who earn money in any way. It also includes interest income. The government makes tax slabs on the basis of income. You are taxed on the basis of that slab. Any taxpayer having more than one asset, foreign asset or directorship in a company must file ITR before the last date.
Which form to fill? The Income Tax Department takes out many types of forms. All these forms have to be filled on the basis of income. It is important to mention here which form you will have to fill while filing the return.
ITR-1 Form- If your total is up to Rs.50 lakhs. If this income includes other sources like salary, house property and interest, then you need to file ITR-1 form. It does not include Hindu Undivided Families.
ITR-2 Form- If your income is more than Rs 50 lakh, then you will have to fill this form while filing the return. It also includes Hindu Undivided Families.
ITR-3 Form – This form has to be filled by those persons who earn profit from any business or profession. It is also filed by HUF.
Documents required for filing return – Whenever you file returns, you need to fill documents like Form 16 (issued by the company you work for), bank statement, proof of investment and source of income. From this calculate your total income and then pay tax on the basis of tax slab. You can also avail tax deductions under various sections of the Income Tax Act.
Whenever you file ITR, you select the appropriate ITR form based on the residential status and other criteria. After that you fill your income correctly. Check it once before filing ITR. You can also sign the form electronically using an Electronic Verification Code (EVC).