ITR Online Filing: CBDT Announces Last Date for Filing ITR for FY 2022-23
The Central Board of Direct Taxes (CBDT) has announced that income tax return (ITR) for the financial year 2022-23 (AY 2023-24) can be filed through notifications on February 10 and February 14, 2023. The last date for filing ITR for the financial year 2022-23 has been set as July 31, 2023.
Here are some important points to keep in mind regarding ITR filing for FY 2022-23:
Notification Released on February 10 and February 14
– CBDT has released notifications on February 10 and February 14, 2023, for filing ITR for the financial year 2022-23.
– Notification for ITR-1 and ITR-4 was issued on April 25, 2023, while notification for ITR-2 was issued on May 11, 2023.
– E-filing of ITR has also started.
ITR Filing is Compulsory
– Individuals who are employed or do their business must file ITR.
– The Income Tax Department has mandated that people with an annual income of Rs 3 lakh should file ITR.
ITR Filing Can Attract Heavy Fines
– If you do not file ITR till the last date, you can be fined heavily by the department.
– If you are not able to file ITR till the last date of July 31, 2023, you may have to pay a fine ranging from Rs 1,000 to Rs 5,000.
– Even if your final taxable amount is zero, you may have to pay a penalty.
– A notice can also be issued to you by the Income Tax Department.
New Tax Regime
– To select the option of the new tax regime, you will have to file your ITR on or before July 31, 2023.
– After this, ITR filers will not get a chance to opt for the new tax regime.
Remember to file your ITR on time to avoid penalties and other legal hassles. The ITR form is available both online and offline, so choose the mode that is most convenient for you.
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