Don’t Miss Out: Get the Facts on Filing Your ITR, 2023-24
As sure as the sun eventually sets, taxes come due each year. But no one should have to feel stressed about filing their Income Tax Return (ITR). So do yourself a favor and make sure you’re in the know about what to expect from the process.
Filing and submitting your ITR can be done in just a few steps; once you know what to do, you’ll breeze through the filing season like a pro. If it’s your first time doing this, don’t worry—we’ve got your back! Here, we’ll provide everything you need to know about filing your ITR for FY 2023-24 in India.
What Is ITR and When Does It Occur?
You may have heard about filing your Income Tax Return (ITR) but don’t know exactly what it is. ITR is an annual process in which all individuals and businesses in India must declare their income, deductions, and tax liability for a financial year. In India, the financial year runs from 1 April to 31 March and ITR filing must be completed by the end of July of the following year. For example, for FY 2023-24, the last date for filing ITR is 31st July 2024.You must file your ITR on time – if you fail to do so you may have to pay late payment fees and penalties.
How to File an ITR in India, 2023-24
Are you prepared for the upcoming financial year (FY) 2023-24 tax season? Don’t forget to file your Income Tax Returns (ITR) by the due date. Here’s a breakdown of all the info you need to keep in mind when filing your ITR for FY2023-24 in India:
Due Date
The deadline for filing an ITR in India for FY 2023-24 is 31st July 2024. You don’t want to miss this deadline, as it comes with fees and penalties if filed late.
What Are the Deadlines and Penalties for Late Filing of ITR, 2023-24?
By now it’s pretty clear that you need to make sure that you file your ITR, 2023-24 promptly. But what, exactly, are the deadlines and penalties for late filing?
Deadlines
If you haven’t already filed your ITR, 2023-24 in India by now, the deadline is 31st July 2023. So make sure you file before this date, otherwise, you could face some hefty penalties.
Penalties
Penalties for late filing of ITR depend on the total income of the assessee during the respective financial year. Generally, if you file after the due date without making any tax payments, then late fees will be applicable and will range from Rs 5,000 to Rs 10,000 depending on when you file. If an assessee files after 31 December 2023 then a flat penalty of Rs 10,000 applies.
So if your ITR isn’t filed yet for FY 2023-24 and ticking closer to this deadline is causing some stress don’t worry – there’s still time to get it done! Just make sure you do it before 31st July 2023 or else face penalties.
Hiring a virtual professional is one of the best ways to ensure accuracy while filing your ITR for FY 2023-24 in India.
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Conclusion
In conclusion, filing your ITR for FY 2023-24 is a crucial part of your financial health. Missing the ITR filing deadline can result in hefty penalties and missed opportunities. Make sure to take the time to familiarize yourself with the process now, so that you can ensure you meet the deadline in good time.
Make sure to do your research on the various deductions you can make, and take advantage of them.
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