Missed Filing ITR? File Income Tax Return for AY 2023-24 Now

We Indians belong to a country that is still developing. To be entirely developed is still a long way ahead. Our government needs money for conducting the welfare of the country. Taxes are considered to be the primary source for most governments. The money collected from taxes is used for the betterment of the country. Activities like building and maintaining the country’s infrastructure, public services, emergency conditions, and more are done with the help of this money. 

Direct tax and Indirect tax are the 2 types of tax under The Income Tax Act, of 1961. Direct taxes are those that need to be paid by the person the same is levied, it cannot be shifted. Some examples that indicate direct tax are income tax and wealth tax. On the other hand, indirect taxes are levied on products and services. Indirect taxes can be shifted from one person to another until finally paid by the ultimate customer. GST, VAT, and service tax are some examples of indirect tax.

We shall focus on direct taxes and that too income tax, paid by individuals like you and me. 

Income Tax Returns

Income tax is paid after the income has reached the earning individual’s pocket. Tax collection is a very difficult task and thus the government has set deadlines for the same. You pay income tax returns after 1 financial year if you are an earning individual. The last date for filing income returns for the financial year 21-22 is 31st July 2022 in the assessment year 2022-23. If you do not wish to pay any late fee or penalty, you are advised to file your income tax returns before the due date.

The general last filing date depends on the taxpayer’s category also. As an earning individual has to file ITR on or before 31st July 2022, corporates need to conduct audits and thus can file ITR on or before 31st October 2022. The ITR is filed in the assessment year that is after the financial year has ended.

Revised Date for Filing ITR for AY 2022-23

Taxpayers who have not filed ITR till now or have missed it can file their return till 31 July 2022. Although, there are some costs associated with it due to late filing.

The last date to file ITR for AY 2022-23 was 31 July 2022. But some people have missed it. Now they all can file belated ITRs till 31 December 2022.

For the assessment year 2022-23, below are 3 important dates that taxpayers need to keep in mind. 

• 31st July: ITR filing for individuals and entities that do not require conducting of tax audit and are not involved in any international or specified domestic transactions.
• 31st October: Businesses that need to conduct an audit need to file their ITR for the year along with the audit report.
• 30th November: Businesses that require transfer pricing reports need to file their ITR before the said due date. 

While filing ITR, here are some of the major pointers: 

1. Taxpayers shall have all their documents handy while filing their returns. The income tax department pre-fills forms, and those too shall be cross-checked.
2. If you are a person that has multiple bank accounts, ensure you have provided all such information. In case you miss reporting the same, it may lead to penal provisions.
3. Ensure that the Tax deducted at source (TDS) by your employer is submitted to the income tax department.
4. The 2 forms involved in the filing of ITR are forms 16 and 26AS. Ensure that both the forms have the same amount of tax payable to avoid inconsistencies.
5. If you have taken up a personal loan, ensure the same is disclosed. It has become a personal loan for salaried people who can be claimed as a deduction in income tax. Personal loans are costly and thus one shall use a personal loan EMI calculator before taking up the same.

These are some of the points that you shall keep in mind while filing your income tax returns.

Must Read: How Salaried Employees Can Get a Personal Loan in India?

How to File Income Tax Returns Online for Salaried People? 

For businesses, such duties are outsourced to different people with the respective industry knowledge. On the other hand, salaried people conduct this activity on their own. Before filing ITR you must know how to file income tax returns online for salaried employees. Thus, below are the steps that can be followed by salaried people to file their income tax returns online: 

1. Open the e-filing portal of the Income Tax Department.
2. Login or register into the portal. All you need is your PAN card number which serves as a user ID.
3. Click the e-file section dropdown button and choose “Income tax return.” An ITR form needs to be then downloaded. ITR-1, ITR-2, or ITR-3 are the 3 options salaried employees can opt for.
4. The filing type shall be “Original” if you are not filing a revised return.
5. Click on “Prepare and submit online” and then click “continue.”
6. Fill in all required ITR details such as income, deductions, expenditures, and all. It is advisable to click on “save the draft” to not lose any data filled.
7. The tax payable shall be computed. (if any tax liability exists)
8. Confirm the details and click “submit.” 

Your screen will prompt about successfully e-filing. You can then verify your returns through modes such as – Aadhar OTP, Bank account number, Net banking, and more modes. 

This is how you file ITR for salaried professionals online.