Every taxpayer must file their income tax return to comply with the law. It is crucial for individuals to fulfill this obligation.
In India, income tax return can be filed under either the new tax regime or the old tax regime, each with its own tax slabs.
If you plan to file your income tax return for the financial year 2022-23, there is one important thing to remember.
Filing Deadline Approaching
Individuals whose income exceeds the basic exemption limit in a financial year are required to file their Income Tax Return (ITR).
The deadline for filing ITR for the financial year 2022-23 (Assessment Year 2023-24) is 31st July 2023. It is crucial to keep this date in mind.
Stay Updated on Income Tax Return
There are only two months left to file your income tax return. Failure to submit your ITR by the due date will result in penalties when filing.
Filing an ITR is a three-step process that takes more time compared to simply uploading the income return.
The first step involves filing the tax return, followed by ITR verification, and finally, the processing of your ITR by the tax authorities.
Importance of ITR Verification
If your ITR is not verified before the deadline, it will be considered invalid.
However, if you are unable to verify your ITR in time, you can submit a condonation request to the tax department, providing a valid reason for the delay.
If the request is accepted, your return will be verified.
