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ITR filing last date today: Step-by-step guide to filing your returns here

Today is the last day to file your ITR for FY23 or AY24. Check how to file it here and what happens if you fail to meet the deadline

Income tax returns

ITR FY23: More than 60 million ITRs have been filed for FY23 (AY24) till July 30, which is a record number (Representational)

BS Web Team New Delhi

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The last date for salaried individuals and non-audit cases to file income tax returns (ITR) for the financial year 2022-23 (FY23) is July 31. Taxpayers have been urged by the Income Tax Department (I-T Department) to file returns early and avoid the last-minute rush.

More than 60 million ITRs have been filed for FY23 (AY24) till July 30, which is a record number.

The I-T Department tweeted on July 26, "More than 6 crore ITRs have been filed so far (July 30), out of which about 26.76 lakh ITRs have been filed today till 6.30 pm!."

The department added that more than 13 million successful logins were recorded on the e-filing portal till 6:30 pm on July 26.

ITR last date: What happens if you miss the deadline?

The individuals who miss the July 31 deadline can still file their ITRs, called belated ITRs. The last date to file these ITRs for FY23 or AY24 is December 31, 2023. However, under Section 234F of the Income Tax Act, 1961, while filing a belated ITR, Individuals have to pay a penalty of up to Rs 5,000.

Taxpayers with taxable income less than Rs 5 lakh per annum have to pay a penalty of Rs 1,000.

The individuals who fail to adhere to the July 31 filing deadline may also have to pay more than just the penalty. The I-T department will charge an interest of 1 per cent per month or part thereof for late filing of ITR and an additional 1 per cent on default in payment of advance tax until the date of filing belated ITR.

ITR 2022-23: Which documents are required before filing ITR?

The required documents for filing ITR are PAN Card, Aadhaar Card, Form-16, 16A, 16B, 16C, 26AS, Annual Information Statement (AIS), Taxpayer Information Summary (TIS), salary slips, bank statements, investment proofs, interest income, and other interest certificates.

ITR FY23: Step-by-step guide to file your return here

Go to the Income Tax e-Filing portal

Log in to the portal using your PAN ID, password, and captcha code.

Click on the "e-File" menu and then the "Income Tax Return" link.

After this, choose the ITR form. If you are a salaried taxpayer having Form 16, you can use either ITR-1 or ITR-2.

Choose 2023-24 as the assessment year.

Validate the information entered into the form and submit the form.

After the submission of the return, you need to e-verify it using any of the available options such as Aadhaar OTP, etc.

ITR 2022-23: How to calculate the tax burden?

Before you file your ITR, you must determine how much tax you will have to pay. Using an online computer can be helpful.

Once the amount has been determined, the Tax Deducted at Source (TDS), as shown in various TDS certificates, needs to be subtracted from it, and the balance amount, if any, needs to be paid.

If the taxes already deducted exceed the individual's tax liability, you will receive a refund from the I-T department once the ITR has been processed.

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First Published: Jul 31 2023 | 9:57 AM IST

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