ITR E-Filing 2023: If you also file Income Tax Return (ITR Retrurn) every year, then read this whole news carefully. The financial year 2022-23 has been completed on March 31, for which Income Tax Return (ITR) e-filing is expected to start soon.
It was said in the media report that the experts are expecting that the tax payer is expected to get the facility of ITR e-filing in the last week of April or the first week of May. Tax payers will be able to file income tax returns for the financial year 2022-23 by 31 July.
Form-16 will be generated in the first week of June
However, the salaried class will have to wait for the second week of June to file the ITR. Actually, in the first week of June, Form-16 will be generated and given by the companies in the first week of June. After that it will be issued to the employees. Currently, there is no option for salaried taxpayers to file ITR for assessment year 2023-24 on the e-filing portal of the Income Tax Department.
ITR filing to speed up from mid-June
Experts say that the salaried class will have to wait till now to file ITR. Salaried people usually file ITR only after Form-16 is issued. This form is issued every time in the first two weeks of June. This is the reason why ITR filing picks up from mid-June every year. Starting from mid-June, you can file ITR till 31 July 2023. It is expected that ITR filing will start from the first week of May.
ITR will be filed without penalty
Under the Income Tax Act, any person or entity is required to submit its ITR with the Income Tax Department at the end of every financial year. Till the last date of filing ITR, you can file the return without any penalty. Taxpayers can download the ITR offline utility through the ‘Download’ option on the Income Tax Department’s website. ITR can be filed through this medium.
Total 7 types of ITR forms
Let us tell you that there are a total of 7 types of ITR forms. It varies according to a particular person, businessman, company and business. Therefore, it is important to select the correct ITR form when you file your tax return. If you use the wrong ITR Form (ITR Form) to file Income Tax Return, then you ITR will be defective. If this happens, the department will send you a notice to file the return again. Let us know who can fill which ITR form?
ITR-1: Individuals with annual income up to Rs 50 lakh can fill.
ITR-2: This form is filled by people who earn from their residential property.
ITR-3: Businessman, invested in equity unlisted shares, working as a partner in a company, then you can fill ITR Form 3. You can fill this form even if you have income from interest, salary, bonus, capital gains, horse racing, lottery, rental income from more than one property.
ITR 4: Is for Individual and Hindu Undivided Family. If your income is from your business or any profession, such as doctor-lawyer’s income, those earning more than 50 lakhs from salary or pension fill this form. If you are a freelancer and your annual income is more than 50 lakhs, then also you can fill this form.
ITR 5: This form is for those entities who have registered themselves as Firms, LLPs, AOPs, BOIs.
ITR 6 or 7: For companies that do not get exemption (income from property for charitable or religious purposes) under Section-11 of the Income Tax Act, ITR Form 6 is there. It can be filed electronically only.
