The income tax return deadline has finally arrived after weeks of advertising and awareness raising to encourage individuals to complete their taxes on time.
ITRs can be filed until July 31. The situation of many people affected by floods is not concealed from anyone. Heavy rains wreaked havoc and damage throughout several Indian states. As a result, many CAs are looking for another extension of the ITR deadline.
The IT Department May Levy 200% Of Your Real Tax Outlay
As the Income Tax Department’s deadline approaches, the IT department has taken strict actions against taxpayers who use fake rent receipts to avoid paying taxes. People who unlawfully save money would end up paying roughly 200% of the penalty of their real tax outgo.
Detailed Process Of Filing ITR
- Go to the Income Tax e-Filing Portal.
- Input your information and log in to the portal using your user ID (PAN), password, and Captcha code.
- Select the ‘e-File’ option and then the ‘Income Tax Return’ link.
- Select the Income Tax Return (ITR) template. You can utilize ITR-1 or ITR-2 if you are a salaried taxpayer using Form 16.
- Choose the fiscal year (AY) for which you wish to file the ITR. This time, choose the assessment year 2023-24.
- Check all of the information in the form before submitting it.
- After submitting your form, e-verify it. Use this on any of the available alternatives, such as Aadhaar OTP, to do this.
- Upload and e-verify the return
Important Documents Required For Itr Filings
The following papers are necessary to file their Income Tax Returns:
- Form 16
- Form 16A
- Format 26AS
- Statements of capital gains
- Proof of tax-saving investment
- PAN Number
- A medical insurance statement (If Applicable)
What Should You Do If Information Disappears When E-Filing Your ITR?
Many persons who have filed ITR in the previous two days have encountered many technological difficulties. Many of them are experiencing the disappearance of information. Income Tax India urged the complainant to attempt after clearing the browser cache in response to one such complaint submitted on Twitter. He was also requested to provide details (including his PAN and cell number) to [email protected] if deleting cache data would not help him with the issue.
This year has seen a record amount of ITRs submitted. This fiscal year, the Income Tax Department received a record number of ITR returns. More than 6 crore ITRs have been filed for FY 2022-23 (AY 2023-24) as of yesterday.
ITR Filing Deadline
Hurry Up, Today is the last day to file an ITR for individuals who have yet to finish their ITR. Otherwise, they would be penalized and their refunds will not be processed.