Last Date For ITR Filling

Income Tax Return (ITR) is a Important document that every individual and business and company , firm owner in India needs to file every year. The ITR contains details of the individual’s or Firms and the business owner’s total income earned during the previous financial year. The last date for filing Income Tax Return for Financial year 2022-23 / Assessment Year 2023-24 is 31st July 2023. In this article, I shall discuss everything which you need to know about ITR filing.

Who Needs to File ITR?

Any individual whose total income exceeds Rs. 2.5 lakhs in a financial year is required to file ITR. For senior citizens (aged 60 years or more), the threshold limit is Rs. 3 lakhs, while for super senior citizens (aged 80 years or more), it is Rs. 5 lakhs. In case you are a business owner, irrespective of the income earned, you are required to file ITR.

What Are the Types of ITR Forms?

There are different types of ITR forms, and the form you need to file depends on your income source and other factors. The following are the types of ITR forms:

• ITR-1 (SAHAJ): This form is for individuals having income up to Rs. 50 lakhs and having income from salaries, one house property, and other sources like interest, etc.
• ITR-2: This form is for individuals and Hindu Undivided Families (HUFs) not having income from business or profession.
• ITR-3: This form is for individuals and HUFs having income from a proprietary business or profession.
• ITR-4 (SUGAM): This form is for individuals, HUFs, and firms (other than LLP) having a total income of up to Rs. 50 lakhs from business or profession.
• ITR-5: This form is for persons other than individuals, HUFs, and companies like partnership firms, LLPs, etc.
• ITR-6: This form is for companies other than those claiming an exemption under Section 11 of the Income Tax Act.
• ITR-7: This form is for persons who are required to file a return under Section 139(4A) or Section 139(4B) or Section 139(4C) or Section 139(4D) of the Income Tax Act.

What Are the Consequences of Not Filing ITR on Time?

Filing ITR on time is essential because it helps you avoid penalties and interest. The following are the consequences of not filing ITR on time:

• Penalty: If you do not file ITR on or before the due date, you may be liable to pay a penalty of Rs. 5,000. The penalty amount may increase up to Rs. 10,000 if you file ITR after 31st December of the assessment year.
• Interest: If you do not file ITR on time, you may be liable to pay interest at the rate of 1% per month or part thereof on the tax payable.
• Prosecution: In extreme cases, if you do not file ITR on time, you may face prosecution under the Income Tax Act.

How to File ITR?

You can file ITR online or offline. To file ITR online, you need to register yourself on the Income Tax Department’s website, i.e., www.incometaxindiaefiling.gov.in and follow the instructions. To file ITR offline, you need to download the relevant form from the Income Tax Department’s website and submit it physically to the Income Tax Office.

The income tax rates for assessment year 2023-2024 in India are as follows:

For individuals below the age of 60:

• No tax for income up to Rs. 2.5 lakh
• 5% tax for income between Rs. 2.5 lakh and Rs. 5 lakh
• 10% tax for income between Rs. 5 lakh and Rs. 7.5 lakh
• 15% tax for income between Rs. 7.5 lakh and Rs. 10 lakh
• 20% tax for income between Rs. 10 lakh and Rs. 12.5 lakh
• 25% tax for income between Rs. 12.5 lakh and Rs. 15 lakh
• 30% tax for income above Rs. 15 lakh

For senior citizens (between the ages of 60 and 80):

• No tax for income up to Rs. 3 lakh
• 5% tax for income between Rs. 3 lakh and Rs. 5 lakh
• 10% tax for income between Rs. 5 lakh and Rs. 10 lakh
• 20% tax for income above Rs. 10 lakh

For super senior citizens (above the age of 80):

• No tax for income up to Rs. 5 lakh
• 20% tax for income above Rs. 5 lakh

Tax rate under old tax scheme,

For individuals up to 60 years of age:

• Income up to Rs. 2.5 lakhs – Nil
• Income from Rs. 2.5 lakhs to Rs. 5 lakhs – 5%
• Income from Rs. 5 lakhs to Rs. 10 lakhs – 20%
• Income above Rs. 10 lakhs – 30%

For senior citizens (aged 60 years and above but less than 80 years):

• Income up to Rs. 3 lakhs – Nil
• Income from Rs. 3 lakhs to Rs. 5 lakhs – 5%
• Income from Rs. 5 lakhs to Rs. 10 lakhs – 20%
• Income above Rs. 10 lakhs – 30%

For super senior citizens (aged 80 years and above):

• Income up to Rs. 5 lakhs – Nil
• Income from Rs. 5 lakhs to Rs. 10 lakhs – 20%
• Income above Rs. 10 lakhs – 30%

In conclusion, it is essential to file ITR on time to avoid penalties and interest.