As the due date for ITR filing, July 31, 2023, looms near, taxpayers are reminded to submit their returns promptly to avoid penalties and potential complications. Recent updates indicate that the Income Tax Department will not extend the deadline this year, underscoring the importance of adhering to the set timeline. With a record number of taxpayers already filing their ITRs for the fiscal year 2022-23 (Assessment Year 2023-24), it is crucial to stay informed and take necessary steps for a hassle-free ITR filing process.
No Extension on ITR Due Date
As per the latest news, the Income Tax Department has confirmed that there will be no extension granted for the ITR filing due date beyond July 31, 2023. This decision highlights the significance of meeting the deadline without fail. Taxpayers must take immediate action if they have not already filed their returns to avoid adverse consequences.
Record Number of ITR Filings and Refunds
Data shared by the Income Tax Department indicates a surge in the number of taxpayers who have already filed their ITRs for the financial year 2022-23. This is a positive development as timely filing not only reduces the burden on the department but also ensures that taxpayers comply with their obligations.
Furthermore, a substantial number of taxpayers have received their refunds, indicating efficient processing and verification by the tax authorities. This trend should serve as motivation for those yet to file their returns to complete the process promptly and possibly receive their refunds sooner.
Consequences of Late ITR Filing
Failing to file the ITR before the due date can have several repercussions. Primarily, late filing attracts penalties, which may include financial charges and interest on the tax payable. Additionally, late filers may lose the opportunity to revise their returns if needed or claim certain deductions and exemptions. Avoiding these adverse consequences is paramount, and taxpayers should make every effort to file before the deadline.
Last-Minute Tips for ITR Filing
- Gather All Relevant Documents: Organize and gather all necessary documents, such as Form 16 from your employer, bank statements, investment proofs, and other income-related documents. Having these ready will streamline the filing process.
- Choose the Correct ITR Form: Ensure you select the appropriate ITR form based on your income sources and the type of taxpayer you are. Filing the correct form prevents processing delays and potential discrepancies.
- Review Previous Year’s Return: If you have filed ITR in the previous year, reviewing it can help ensure consistency and identify any omissions or errors that need correction.
- Seek Professional Assistance, if Required: For individuals with complex financial situations or specific queries, seeking professional assistance from a chartered accountant or tax consultant can provide peace of mind and accurate guidance.
- Use Online Filing Platforms: Utilize the Income Tax Department’s official website or government-approved e-filing portals to submit your returns electronically. Online filing is convenient, secure, and helps reduce processing time.
- Double-Check Information: Before submitting the ITR, double-check all the provided information for accuracy. Even minor mistakes can lead to issues with the return processing.
With only one day remaining for the ITR filing deadline on July 31, 2023, taxpayers must take swift action to complete the process in a timely manner. The Income Tax Department’s decision not to extend the deadline emphasizes the importance of meeting the due date to avoid penalties and other complications. By taking note of the latest updates and following the last-minute tips provided, individuals can ensure a smooth and successful ITR filing experience, meeting their tax obligations responsibly.
https://www.incometax.gov.in/iec/foportal/ use this link to file your Return.
Documents required ITR filing
- Form 16: This is provided by your employer and summarizes the salary paid to you during the financial year, along with the TDS (Tax Deducted at Source) deducted on your income.
- Form 16A/16B/16C: These are certificates for TDS deducted on income other than salary, such as interest income, rental income, or freelance payments.
- Bank Statements: Your bank statements for all savings accounts and fixed deposits held during the financial year will help in reporting interest income and other financial transactions.
- Investment Proofs: Keep records of investments made under various tax-saving schemes such as Public Provident Fund (PPF), Equity-Linked Savings Scheme (ELSS), National Savings Certificate (NSC), etc.
- Home Loan Statement: If you have a home loan, keep track of the interest and principal repaid during the year, as they are eligible for tax deductions.
- Rent Agreement: If you are claiming House Rent Allowance (HRA) or deduction for rent paid, ensure you have a copy of the rent agreement or rent receipts.
- Form 26AS: This is a consolidated statement of all tax-related transactions, including TDS deducted and deposited against your PAN. You can download it from the Income Tax Department’s website.
- Capital Gains Details: If you have sold any investments or property during the financial year, keep the details of the transactions, as they will be required for computing capital gains.
- Aadhaar Card/PAN Card: Ensure you have a valid Aadhaar Card and PAN Card, as they are essential for e-filing and verification purposes.
- Form 12BB: This form contains details of tax-saving investments and expenses incurred on which you want to claim deductions.
- Proof of Medical Insurance Premium: If you have a health insurance policy, keep the premium payment receipts for claiming deductions under Section 80D.
- Proof of Donations: If you have made donations to eligible charitable organizations, keep the receipts handy for claiming deductions under Section 80G.
- Form 15G/15H: If your income is below the taxable limit, you can submit Form 15G (for individuals) or Form 15H (for senior citizens) to avoid TDS deduction on interest income.
- Details of Foreign Assets: If you hold any foreign assets or have income from foreign sources, make sure you have the necessary documentation.
- Any Other Income-related Documents: If you have income from sources such as rental properties, freelance work, or dividends, keep records of these transactions.