The government has fixed the last date for filing ITR, after which no taxpayer will be able to evade tax and heavy penalty will be imposed for filing tax. Come let’s know the whole news in detail
The process of filing Income Tax Return (ITR) for the income made in the financial year 2022-23 is going to start soon. In the new assessment year 2023-24, filing of income tax return will start from 1 April 2023. Along with this, everyone should also be aware of the last date for filing income tax return. The due date for ITR filing is 31 July. At the same time, it is also being said that after this date, the last date of ITR filing is not expected to be extended.
ITR Filing
Over the years it has been seen that the government has extended the due dates for ITR filing due to various reasons. However, this year it is expected that there will be no extension in the last date. This is also because the Central Board of Direct Taxes (CBDT) has notified the new ITR form for Assessment Year 2023-24 more than a month in advance. The new ITR forms were notified through the CBDT on February 10 and are available on the Income Tax website.
Income tax return
Since the assessment year 2023-24 is starting from April 1, taxpayers will be able to file the return of income made in the financial year 2023-24 from April 1. The return filing facility will be available till July 31. If you are not able to file ITR by this date, then there is an option to file ITR with late fee. In such a situation, those who do not file income tax return till July 31, 2023, will have to file a fine for filing ITR.
Where to file ITR
The facility of ITR filing is available free of cost on the e-filing website of the Income Tax Department (incometax.gov.in). The website makes it easy for individual and salaried taxpayers to file their own returns by providing specific inputs.
What is new in ITR Form?
The new ITR form notified through the Income Tax Department includes a separate schedule for income from crypto and other virtual digital assets. The government had announced rules for taxation of crypto income in the budget.
