ITR Filing for FY 2022-23 : Income Tax Return filing for FY 2022-23 or AY 2023-24 has been enabled in Income Tax Portal. April 1, 2023, marks the start of the new financial year 2023-24. Taxpayers must file their income tax returns by July 31 for the financial year 2022-23.
The filing will be done for the income earned in FY 2022-23, i.e., 1st April 2022 and 31st March 2023.
As of now, ITR-1 and ITR-4 filing is enabled on the e-filing portal for ITR filing for FY 2022-23. CBDT has also released excel utility of ITR-1 and ITR-4.
The due date for filing an ITR is the last date by which a person or entity is required to file their return for a particular financial year to avoid any penalty or interest implications. For individuals, the due date is 31st July 2023 for AY 2023-24 or FY 2022-23.
In February this year, the Income Tax Department issued the ITR forms for individuals, Hindu Undivided Families, businesses, and others for the 2022-23 fiscal year.
Taxpayers can download the ITR Offline Utility through the “Downloads” Menu option, and fill and file the ITR through the same.
There are seven types of ITR forms, ranging from ITR 1 (Sahaj), ITR 2, ITR 3, ITR 4, ITR 5, ITR 6, and ITR 7, for different individuals, businesses, and companies.
It is very important to choose the correct ITR form while filing their tax return. If the wrong ITR form is used for filing the I-T return, then the filing will be a defective return, and the tax department will send a notice to refill the return.
ITR form should be selected on the sources of income during a particular financial year. ITR-1 and ITR-4 are simpler forms that cater to a large number of small and medium taxpayers.
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