ITR filing FY2022-23(AY2023-24)
In this article we discuss about ITR filing for FY 2022-23.lets start with some basic information.
What is Income Tax?
Income tax is a direct tax levied by the Government of India on the income of individuals and companies. It is a compulsory tax that must be paid by all taxpayers who meet the prescribed income criteria. The income tax system in India is based on the concept of progressive taxation, which means that the tax rate increases as the taxable income increases.
Current Income Tax Rates
The current income tax rates in India for the assessment year 2023-24 (for income earned in the financial year 2022-23) are as follows:
Up to Rs.2.5 lakhs: Nil
Rs.2.5 lakhs to Rs.5 lakhs: 5%
Rs.5 lakhs to Rs.10 lakhs: 20%
Rs.10 lakhs to Rs.20 lakhs: 30%
Above Rs.20 lakhs: 30% + 1% surcharge for every Rs.5 lakh of income above Rs.20 lakhs
How to File ITR FY 2022-23?
The income tax return (ITR) is a form that taxpayers must file every year to declare their income and pay taxes. There are different ITR forms available for different types of taxpayers. The most common ITR forms are ITR-1, ITR-2, ITR-3, ITR -4.
To file an ITR, 2 Methods available:-
1) File it online through the Income Tax Department's website.
2) File it offline by submitting a paper form to the Income Tax Department.
How to File ITR online?:- Step By Step Guide
Here are some basic information about filing ITR online.
Step-1:- open government official website
www.incometax.gov.in
Register first with PANCARD. Fill all details as per your government ID.
Step 2:- login into website.after click on Filing ITR. Choose form which one suitable for your tax slab.
Step 3:- fill details and proceed. As per form 16 all income are enter and also extra income and deduction also entered.
Step 4:- enter all Investment and premium pay,tax saving funds and reduce your taxable income.
Step 5:- after filling all details check again and proceed for validation.after validation you can verify your return online with aadhaar OTP.
Here your ITR filing is done.
Benefits of Filing ITR
There are several benefits to filing an ITR, including:
- It is a legal requirement.
- You can claim deductions and exemptions that can reduce your tax liability.
- You can get a refund of any excess tax that you have paid.
- You can improve your credit score.
- Qualify for government benefits- Some government benefits, such as education loans and housing subsidies, are only available to taxpayers who file an ITR.
- Get a loan easily - Banks and other lenders may be more likely to approve a loan application if you have filed an ITR.
Why It is Compulsory
Filing an ITR is compulsory for all taxpayers who meet the prescribed income criteria. The income criteria for filing an ITR vary depending on your age, marital status, and the sources of your income.
If you do not file an ITR, you may be subject to penalties, including:
Late filing penalty
Interest on unpaid taxes
Prosecution
How to Reduce Taxable Income
There are several ways to reduce your taxable income, including:
- Claiming deductions and exemptions.
- Investing in tax-saving schemes.
- Carry forward losses.
- Set off income from different sources.
Types of ITR Forms
There are different ITR forms available for different types of taxpayers. The most common ITR forms are:
ITR 1
Individuals residing in India with a total income of up to Rs 50 lakh are eligible. ITR-1 may be filed by someone who earns money from a job, a home, or other outlets. An NRI is unable to file an ITR-1. ITRs may be filed using Form 16 by salaried taxpayers.
ITR 2
Individuals and HUF for revenue from sources other than their enterprise or occupation. Individuals and NRIs who earn money from a job, a home, capital gains, or other sources may file Form ITR-2. ITR-2 may be filed by salaried people who have made profits or damages from stock purchases and sales.
ITR 3
Individuals are required to disclose their earnings from a company or occupation. Salaried people who earn money from the intraday stock exchange or futures and options trading should file Form ITR-3. Individuals may use ITR-3 to record revenue from jobs, real estate, capital gains, company or trade (including presumptive income), and other sources.
ITR 4
Individuals, HUFs, and partnership companies are subject to a presumptive taxation system on their earnings. ITR-4 is used to report revenue from a company with a turnover of up to Rs 2 crore that is subject to section 44AD taxation. In addition, ITR-4 is for revenue from an occupation with a turnover of up to Rs 50 lakh that is subject to section 44ADA taxation. ITR-4 may be filed by a freelancer who works in a notified occupation.
ITR 5
LLP, AOP, and BOI are both acronyms for alliance companies. LLPs, partnership companies, AOPs, and BOIs will file ITR-5s to disclose profits from their businesses and professions, as well as some other sources of income.
ITR 6
is a tax return used by businesses to report revenue from industry or occupation, as well as all other forms of income.
ITR 7
is the federal tax return for businesses, partnerships, and trusts that continue to be excluded from paying income tax.
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Due Date of ITR Filing assessment year 2023-24(financial year -2022/23)
The due date for filing the income tax return for the financial year 2022-23 is 31st July 2023. However, taxpayers can file their ITRs online after the due date and pay the taxes due.The last date to file ITR for AY 2023-24 is December 31, 2023. If you miss to file the ITR by the due date in July, you will be allowed to file a belated return by December 31, 2023.
I hope this article has been informative. If you have any further questions, please do not hesitate to ask. Do comment below.
FAQs:-
1) What is the deadline for ITR 2023?
Ans:- July 31, 2023 Deadlines for Submitting Income Tax Return (ITR)
2) Can we file Income Tax Return for assessment year 2022-23?
Ans:- Yes, the revision of the Income Tax Return is allowed. The last date for filing a revised ITR is December 31 of the relevant assessment year. Thus, the last date to file a revised ITR for FY 2022-23 (AY 2023-24) is December 31, 2023
3) What is the tax rule for 2023?
Ans:- In Budget 2023, rebate under new regime has been increased and therefore, income upto Rs 7 lakh will be tax-free from FY 2023-24
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