ITR deadline: Don’t wait until the last minute to file your income tax returns for the assessment year 2023-24, which corresponds to the financial year 2022-23. The deadline for filing income tax returns is approaching, with taxpayers having until July 31 to complete the process. Although one week of this month has already passed, there are still three weeks left to file your returns.
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It’s important not to procrastinate when it comes to filing your income tax returns. The Income Tax Department advises against negligence in this matter. Many individuals tend to put off filing their returns, thinking they have plenty of time. However, waiting until the last moment can lead to a rush on the online portal, causing potential difficulties.
It’s crucial to note that the deadline for filing income tax returns was not extended last year. There is no indication of an extension this year either. Therefore, it’s essential to complete the filing process within the given timeframe.
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Filing income tax returns is not as complex as it may seem. The government has made the process easier by introducing documents like Form 16, Form 26AS, AIS, and TIS. With a little effort, you can file your returns comfortably from home in a few simple steps. You don’t need to hire a Chartered Accountant and pay a hefty fee. We’re here to guide you through the process.
To file your ITR, visit the e-filing portal of the Income Tax Department at www.incometaxindiaefiling.gov.in. If you already have an account, log in; otherwise, create an account by clicking on “Now Register.” On the homepage, select the “File” option, then choose “File Income Tax Return.” Next, select the appropriate assessment year and go to the “Personal” option for online filing.
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The most important step is selecting the correct form. If you are a salaried individual, choose ITR-1 form, which will be pre-filled with relevant details. You can verify the data with your salary slip, Form 16, and AIS. Double-check the accuracy of your bank account details before claiming the return.
After cross-checking, submit your ITR and ensure it is e-verified. This can be done online using your bank details. The Income Tax Department typically processes ITR within 3-4 weeks. You can check the status online anytime using the acknowledgment number.
Don’t delay any further and file your income tax returns promptly to avoid last-minute rush and potential penalties.
