Income Tax Return 2022-23: The Income Tax filing date for the financial year 2022-23 is approaching. The process of filing income tax for the financial year 2022-23 will start on 1st April 2023. However, in the meantime, people should take care of one important thing. Through this, you can fill out your old income tax return. Let’s know about it…
Income tax filing due dates for FY 2022-23 (AY 2023-24)
|Category of Taxpayer||Due Date for Tax Filing- FY 2022-23 * (unless extended)|
|Individual / HUF/ AOP/ BOI
(books of accounts not required to be audited)
|31st July 2023|
|Businesses (Requiring Audit)||31st October 2023|
|Businesses requiring transfer pricing reports (in case of international/specified domestic transactions)||30th November 2023|
|Revised return||31 December 2023|
|Belated/late return||31 December 2023|
Income Tax Return 2022-23
The deadline for filing Income Tax Return (ITR) for the financial year 2021-22 was July 31, 2022. For those who missed the due date, December 31 was the last date for filing belated returns. There was also a deadline for taxpayers to file revised ITR after correcting the errors (if any) made in the original return.
However, there is another chance for those who have not yet been able to file their old ITR. ITR-U was introduced by the Central Government in Budget 2022 and is available for up to 2 years from the end of the Assessment Year (AY). In this way, people can also file their old ITR.
What is ITR-U?
With ITR-U a taxpayer can report any income which he could not declare in previous returns. This option is also available to all those who have not submitted a timely, late, or revised ITR. Also if the ITR has not been closed in any financial year then this facility can be used there as well.
The last date of ITR-U for the assessment year 2020-21 is March 31, 2023, and for the assessment year 2021-22 is March 31, 2024. For the assessment year 2022-23, it is 31 March 2025. So the last date of ITR-U for 2020-21 is approaching on March 31, 2023.
What is the last date to file ITR?
The last date to file ITR for individuals is 31st July of the relevant assessment year and 31st October for taxpayers whose accounts are subject to audit.
What Precautions Should You Take While Filing Income Tax Return?
- Ensure that other details like PAN, address, e-mail address, bank account details, etc., are correct in the pre-filled data.
- Download AIS and Form 26AS and check the actual TDS / TCS / tax paid. If you see any discrepancy, you should reconcile it with the Employer / Tax Deductor / Bank.
- Compile and carefully study the documents to be referred to when filing your ITR, like bank statements/passbooks, interest certificates, receipts to claim exemptions or deductions, Form 16, Form 26AS (Annual Information Statement), investment proofs, etc.
- Identify the correct return for you (from ITR-1 to ITR-7).
- Provide all the details in the return such as total income, deductions (if any), interest (if any), taxes paid/collected (if any), etc.
- No documents are to be attached along with ITR-1.
- e-File the return of income on or before the due date. The consequences of delay in filing returns include late filing fees, losses not getting carried forward, and deductions and exemptions not being available.
- After filling in all the details in the return of income and after confirmation of all the details, one can proceed with filing the return of income.
- After e-Filing the return, e-Verify it.
- If you want to manually verify your return, send the signed physical copy of the ITR-V Acknowledgement (by speed post) within the appropriate timelines of filing the return to the Centralized Processing Center, Income Tax Department, Bengaluru 560500 (Karnataka).