Income Tax Return: The process of filing income tax has started. People are also filing income tax returns. This time there have been many changes while filing income tax.
While there have been changes in the income tax regime, there have also been changes in the income tax slabs. Along with this, the income tax exemption limit has also been increased in the new tax regime. At the same time, the government has also told about the deadline for filing income tax return, about which everyone should take care.
Income tax return
On the other hand, if you miss the deadline for filing Income Tax Return (ITR) for the financial year 2022-23, you may face problems. At the same time, the last date for filing income tax return for the financial year 2022-23 is 31 July, while the new financial year 2023-24 has started from 1 April.
Timely filing of income tax return is an essential responsibility of every taxpayer. It is a legal obligation and failure to comply with it can lead to various consequences including financial penalties and legal actions.
If the taxable income fails to file the income tax return till July 31, then if the date for filing the income tax return is not extended by the government, then the penalty will have to be paid for filing the income tax return. If your income is taxable and you file your income tax return after July 31, then you will have to pay a penalty.
Income Tax Return
Many people completely avoid filing income tax return because they find the process cumbersome. In contrast, because the ITR is filed with the government and used as legal evidence, the income tax return carries significant legal weight. As filing income tax return is an important part of being a good citizen, it is a moral necessity of every working Indian. In such a situation, income tax return should be filed on time.
