Income Tax Big News ! Before filing income tax return, read this news or else you will get stuck!

ITR Latest Update: The Income Tax Department has informed through a tweet that the last date for filing returns for the assessment year 2022-23 for the salaried people and whose income is not auditable is 31 July 2022.

The Income Tax Department has informed through a tweet that the last date for filing returns for the assessment year 2022-23 for the salaried people and whose income is not auditable is 31 July 2022. The tax department has also advised that in such a situation, if you have not filed the return, then you should do this work as soon as possible. Let me tell you that due to Corona, for the last two years, many changes were seen in the last date for filing income tax returns. Because of this, many people felt that this time also the last date for filing income tax return may get extended.

Income Tax Department made these changes 

In such a situation, if you are going to file the return, then definitely know about some changes made by the Income Tax Department. The Income Tax Department has recently launched AIS i.e. Annual Information Statement. The department has started these to bring transparency in ITR filing and to make things easier for the taxpayers. In the new AIS form, taxpayers are given details of all the income earned through different channels such as interest earned from savings account, income from recurring and fixed deposits, amount received as dividend and mutual fund transactions. Income earned etc. is included. In simple words, AIS can be called a detailed statement of all the financial transactions done during any one financial year.

Return to be filed for assessment year 2022-23 

It is very important to understand them. When you file your return, you will see one word repeatedly mentioned about assessment year. Assessment year means the year in which you file income tax return. This year you will file the return for the assessment year 2022-23 but this return will be for your income in the financial year 2021-22.

Keep these things in mind before filing ITR 

Now know what are the important things you should keep in mind before filing ITR. So first of all, before filing ITR, you should first select all the income tax return forms. Actually, the Central Board and Direct Taxes (CBDT) has notified 7 forms of ITR, in which ITR 1 to ITR 4 are for individual taxpayers. Well, there are many forms to file income tax return. But if you are an individual taxpayer and do a job, your annual income is less than Rs 50 lakh, then you have to choose the Sahaj Form 1 of Income Tax. 

Businessman required to fill ITR Form 3

People getting pension will also have to fill this form. If there is an FD of the bank and interest is received on it and there is income from house rent, then the same form will have to be filled. Apart from this, if you have income from any source other than your salary, then you have to use ITR 2 such as you have capital gains, income from more than one property, foreign income and income from unlisted shares etc. Apart from this, those whose income is more than 50 lakhs means income from business etc. and it is necessary to get audited, for them ITR 3 is.