Income Tax Return: The last date of filing is coming near, it has become necessary to complete this work without any penalty. Make sure to file your ITR by 31 July 2023 for FY 2022-23 and Assessment Year 2023-24.
Income Tax Return Fine: Many times, if some work is not done on time, then to complete it, fine has to be paid later under late fees. The amount of this fine sometimes affects people’s pockets as well. At the same time, there is also such a work which people need to settle by 31st July. If this work is not completed by July 31, then the government can also charge a fine from you.
Income tax return file
In fact, as the last date for filing Income Tax Return (ITR) is nearing, it has become necessary to complete this task without any penalty. Make sure to file your ITR by 31 July 2023 for FY 2022-23 and Assessment Year 2023-24. Whether you are a salaried individual, freelancer or a business owner, ITR filing is mandatory for all.
On the other hand, whenever it comes to filing income tax return, some important things must be kept in mind. In such a situation, here are some of the main things to keep in mind while filing your ITR-
Choose Tax Regime: There are two tax regimes in India. Old tax system and new tax system. Choose between the two that best suits your financial needs. Both the tax regimes have their own distinct advantages.
Verify your ITR: Verifying your ITR is important, especially for first time filers. Failure to do so within 30 days of filing will render your ITR invalid. Also, to avoid penalty, make sure that you file your ITR by 31 July 2023. Late filers will be fined Rs 1,000 or Rs 5,000 from August 1, 2023. Individuals with income less than Rs 5 lakh will face a fine of Rs 1,000, while those with income above Rs 5 lakh will face a fine of Rs 5,000.
