On June 27, the Income tax department mentioned that more than 1 crore income tax returns were filed until June 26, 2023, surpassing last year's milestone. Salaried taxpayers are among those who have until July 31 to file ITR for income earned in the 2022-23 fiscal year.
In a tweet, the IT department wrote, "Over 1 crore ITRs have been filed till 26th June this year compared to 1 crore ITRs filed till 8th of July last year. The 1 crore milestone reached 12 days early this year compared to corresponding period in the preceding year."
The IT Department also urged the taxpayers to keep the momentum going & file the ITR to avoid any last-minute hassles.
We appreciate our taxpayers for early filing of Income Tax Returns (ITRs)!
June 27, 2023
Over 1 crore ITRs have been filed till 26th June this year compared to 1 crore ITRs filed till 8th of July last year.
The 1 crore milestone reached 12 days early this year compared to corresponding…Who Needs To Pay Income Tax?
Under the Income Tax Act 1961, individuals must file their income tax returns if their income exceeds the basic exemption limit.
For the financial year 2022-23 (assessment year 2023-24), the due date for filing returns is July 31, 2023. The basic exemption limit is set at Rs 2.5 lakh for individuals below 60 years of age, Rs 3 lakh for those between 61 and 80 years of age, and Rs 5 lakh for those above 80 years of age.
The deadline for filing ITR is July 31, 2023, and according to section 234-F of the Income Tax Act, failing to file ITR by the deadline may result in a penalty of up to Rs 5,000 for individuals with an annual income exceeding Rs 5 lakh.
Here Are The Steps To File Your ITR Online:
Step 1: To access the e-Filing portal of the Income Tax Department, visit https://www.incometax.gov.in/iec/foportal/ and follow the steps to create your login credentials if you haven't done so already.
Step 2: To log in to the portal, go to the Login tab on the right and input your user ID (which matches your PAN) and password.
Step 3: To file your income tax return, navigate to the e-File option on your Dashboard and select Income Tax Returns followed by File Income Tax Return.
Step 4: Select the current assessment year of 2023-24 and choose your preferred filing method. Then, click the 'continue' button.
Step 5: If you're filing for the first time, select the "Start New Filing" option. If you've already started but haven't submitted yet, you'll see two options: "Resume Filing" to continue with existing details or "Start New Filing" to discard and start over.
Step 6: Select the appropriate status, either Individual, HUF, or Other, and then proceed by clicking on Continue.
Step 7: To determine the necessary ITR form for filing, there are two options available:
To determine the appropriate ITR form for your filing needs, click on the "Proceed" button located beneath the "Help me decide which ITR Form to file" option.
A wizard-based system will assist you in selecting the appropriate form for your situation, allowing you to proceed with your ITR filing.
Step 8: After choosing the appropriate ITR form, make a list of required documents for filing your Income Tax Return and click the "Let's Get Started" button.
Step 9: Select all the checkboxes that apply to you regarding your various reasons for income tax filing and click on “Continue”.
Step 10: To choose the New Tax Regime, select Yes in the Personal Information Section. If not, select No and proceed to the next section. Review all pre-filled data and make any necessary edits. Enter any additional data and confirm each section before moving on.
Step 11: To complete the tax process, input your Gross Total Income and tax deduction information in the designated sections. After reviewing your Tax Paid and Total Tax Liability, select "Proceed."
Step 12: There are two potential outcomes depending on your tax liability for the current assessment year at this stage.
Step 13: On the "Preview and Submit your return" page, carefully review all information, select the declaration checkbox, and click "Proceed to Preview."
Step 14: Before submitting, review your return, confirm your verification information, and select "Proceed to Validation."
Step 15: After completing the Preview and Submit step, proceed to verification to ensure the accuracy of your return.
Step 16: To complete the verification process for your ITR filing, click on any of the available options and then select "Continue".
Step 17: To complete the process of filing your ITR, it is necessary to verify your income tax returns in Step 17. Once this step is completed, a message will appear on your screen indicating that your ITR has been successfully filed and verified. At this point, you have the option to download the receipt or return to the dashboard.
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