Income Tax Return: The new financial year is starting from 1 April 2023. Along with this, the process of filing income tax return for the financial year 2022-23 will also begin.
Those people whose income is taxable, they have to file income tax return. Currently, there is an old tax regime and a new tax regime for filing individual income tax returns. The tax slab is different in these.
ITR form
Taxpayers will have to file their income tax returns for the financial year 2022-23 by 31 July. In February, the Central Board of Direct Taxes (CBDT) released ITR forms for this financial year. Taxpayers can file ITR as soon as this financial year ends. There are seven types of ITR forms for different individuals, businesses and companies, these include ITR 1 (Sahaj), ITR 2, ITR 3, ITR 4, ITR 5, ITR 6 and ITR 7.
Penalty may have to be paid
Different ITR forms are filed according to different needs. Whereas ITR-1 and ITR-4 are simple forms that cater to a large number of small and medium taxpayers. However, people filing income tax should take care of one important thing, otherwise they may have to pay a fine of Rs 5,000.
Income tax return
Actually, the last date for filing ITR for the financial year 2022-23 is 31 July. In such a situation, if someone is not able to file income tax return till 31st July, then he will have time till 31st December to file the late return and pay the penalty. Rs 5,000 will have to be paid as penalty.
This is the provision
According to the Income Tax Department’s website, the penalty for late ITR filing is Rs 5,000, even after that if someone does not file ITR by the due date, then the amount for filing after that can be doubled. Apart from this, there is also a provision of punishment in some cases.
