Income Tax Return File Last Date for FY 2023, Check ITR Status

Income Tax Return 2023, How to File Offline and Online Apply, Income Tax Return filing last date, Deadline, Check Benefits, Documents, Guidelines, E-Verification steps, Download Pdf form, certificate, Login, Portal, Official website 

Income Tax Laws of India are framed by the Government of India. According to these laws, a tax is impose on taxable income of all individuals, association or a firm, LLP, local authority or a Hindu Undivided Family (HUF). Every financial year, every taxpayer has to pay tax on their income to the Government of India. Hence, it is essential to file your Income Tax Return (ITR) on an annual basis. In today’s post, we will share the detailed information regarding the Income Tax Return like what is it, benefits, who are to filed, when to file ITR, Where to file, and how to file ITR, etc.

What is Income Tax Return?

Income Tax Return (ITR) is a form that is used to file information about your income and taxes payable to the Income Tax Department of India. Information filed in an ITR should be applicable for a particular financial year. The tax liability of a taxpayer is calculated based on his or her income. 

The income you earn can be in the form of salary, business profit, sale of house or property, dividend or capital gains, and interest received among others. If an individual has paid excess tax during a year, he or she will receive an income tax refund from the Income Tax Department. However, if the individual fails to pay the tax in time, then he or she has to pay a penalty of Rs 5000.

Is filing ITR compulsory?

According to Income Tax Laws, if your annual income exceeds the basic exemption limit, it is mandatory to file your income tax return. If you filed your income tax return after the deadline, you will have to pay the late penalty fees Rs 5000 as well as you will become a deterrent in getting a loan or visa for travel purposes approved in the future.

Who is required to file Income Tax Return?

The individuals or entities or businesses that are mandated by law to file Income Tax Return every financial year are listed below:

• Any individual whose age is up to 59: Such individual whose annual income exceeds Rs. 2.5 lakhs. For senior citizens (aged 60 to 70), the exemption limit is Rs. 3 lakhs; and for super senior citizens (80 years and above), the limit is Rs. 5 lakhs. It should be noted that the calculation of the income should be done without allowing deductions specified under Section 10 of the Income Tax Act.
• A registered company with yearly income, no matter whether they have made profit or not. 
• An individual who wants to claim a refund on the excess income tax or tax they have paid. 
• An individual having an asset or any other financial interest entities outside of the country.
• Foreign companies enjoying treaty benefits on transactions made in India.
• NRIs who earn more than Rs 2.5 lakhs in a financial year in India.

Documents required for filing ITR 2023

The documents that are required to file Income Tax Return for a financial year are given below:

• Bank or Post office Saving Account Passbook.
• Salary Slips
• Aadhar card
• Form 16: It contains details of the salary paid by your employer to you and the Tax deducted at source (TDS) on it, if any.
• Form 16A: It contains details on TDS deducted on payments other salaries such as interests received from fixed or recurring bank deposits etc.
• Form 16B: It shows the TDS deducted on the amount paid to you by the buyer if you sell a property. 
• Form 16C: It contains the TDS details of the rent paid by your tenant to you 
• Form 26AS: It represents your comprehensive annual tax statement of taxes against the PAN number. It includes TDS by your employer, bank or any other organization that has made a payment to you. Advance taxes or self-assessment taxes paid, proof of tax saving investments such as deductions as prescribed from Section 80C to 80U including life insurance policy or a term plan are also listed.

Benefits of Filing Income Tax Returns 2023

There are some benefits for filing Income Tax Returns. They are provided below:

• Claiming Refund: If tax has been deducted at source on an income or investment that you make in India, and you wish to claim a refund on TDS, then you need to file the ITR for the same.
• Document Verification: When you apply for a loan, your eligibility is checked based on your yearly income. An ITR document provides a complete detailed of your total income which becomes the most accepted document during visa and loan applications.  
• Proof of Income: The insurer will required your ITR documents so that they can decide the compensatory amount to be paid to your nominees in the event of death or disability. The ITR is considered as an officially verifiable proof of income for the purpose.

What is the deadline for filing Income Tax returns (ITRs) for the FY 2022-23?

The deadline for filing ITRs for FY 2022-23 is 31 July.

Which ITR form should you fill for filing Income Tax Return 2023?

There are seven different types of ITR forms that taxpayers may be required to fill up based on their income. They are listed below: 

• ITR – 1: This form is applicable only for resident individuals (not applicable to NRIs/HUF/any other entity) having total income up to Rs 50 lakhs, income from salaries, one house property, other sources and agricultural income up to Rs 5000. 
• ITR – 2: This form applies to all individual and HUF who does not have income from business or profession. 
• ITR – 3: This form is applicable for individuals and HUF who have income from profits and gains from business or profession.
• ITR – 4: This form applies to all resident individual / HUF / Firms (other than LLP) having total income up to Rs 50 lacs & having income from business or profession computed on presumptive basis under section 44AD or 44AE or 44ADA.
• ITR – 5: ITR-5 form applies to persons other than Individuals, HUF, Companies & persons filing form ITR 7. Ideally, this form covers all partnership firms, LLP, AOP, BOI, Artificial Judicial Person, Co-Operative Societies, and Local Authorities. The form is also used by investment funds, business trusts, and estates of the deceased and insolvents.
• ITR – 6: This form applies to all Companies other than companies claiming exemption under section 11. Section 11 pertains to charitable trusts / religious trusts for which ITR 7 is applicable.
• ITR – 7: This form applies to persons including companies required to furnish return u/s 139(4A), 139(4B), 139(4C) or 139(4D) or 139(4E) or 139(4F). This includes religious & charitable trusts, political parties, scientific research associations, universities & colleges.

How to file Income Tax Return 2023?

The taxpayers can file Income Tax Return (ITR) in two ways: Offline and Online.

Offline Mode:

• First, you have to go to the Income Tax e-filing portal hhtps://www.incometax.gov.in/iec/foportal/ 
• Then, you have to download the applicable ITR utility under Downloads >IT Return Preparation Software.
• Then, extract the downloaded utility ZIP file and open the utility from the extracted folder.
• Fill the application and mandatory fields of the ITR form.
• Validate all the tabs of the ITR form and calculate the Tax.
• Generate and save the XML.
• Login in e-filing portal by entering user ID (PAN), Password, Captcha code and click Login.
• Click on the e-File menu and click Income Tax Return link.
• On Income tax Return Page: 
  • PAN will be auto-populated.
  • Select Assessment year.
  • Select ITR form Number
  • Select Filing Type as Original/Revised Return
• Choose any one of the following option to verify the Income Tax Return: Digital Signature Certificate (DSC).
  • Digital Signature Certificate (DSC).
  • Aadhaar OTP.
  • EVC using Prevalidated Bank Account Details.
  • EVC using Prevalidated Demat Account Details.
  • Already generated EVC through My Account à Generate EVC Option or Bank ATM. Validity of such EVC is 72 hours from the time of generation.

• Click Continue
• Attach the ITR XML file
• On choosing DSC as verification option, attach the signature file generayed from DSC management utility.
• On Choosing Aadhaar OTP as verification option, Enter the Aadhaar OTP received in the mobile number registered with UIDAI.
• On Choosing EVC through Bank account, Demat account or Bank ATM as verification option, Enter the EVC received in the mobile number registered with Bank or Demat Account respectively.
• Other two verification options, the ITR will be submitted but the process of filing the ITRs is not complete until it is verified. The submitted ITR should be e-Verified later by using ‘My Account > e-Verify Return’ option or the signed ITR-V should be sent to CPC, Bengaluru.
• Submit the ITR.
• To view the uploaded ITRs

Online Mode:

• Go to the Income Tax e-Filing portal, https://www.incometax.gov.in/iec/foportal/
• Login to e-Filing portal by entering user ID (PAN), Password, Captcha code and click ‘Login’.
• Click on the ‘e-File’ menu and click ‘Income Tax Return’ link.
• On Income Tax Return Page:PAN will be auto-populated
  • PAN Will be auto-populated.
  • Select ‘Assessment Year’
  • Select ‘ITR Form Number’
  • Select ‘Filing Type’ as ‘Original/Revised Return’
  • Select ‘Submission Mode’ as ‘Prepare and Submit Online’

• Click on ‘Continue’
• Read the Instructions carefully and Fill all the applicable and mandatory fields of the Online ITR Form.
• Choose the appropriate Verification option in the ‘Taxes Paid and Verification’ tab. Choose any one of the following option to verify the Income Tax Return: 
• I would like to e-Verify
• I would like to e-Verify later within 120 days from date of filing.
• I don’t want to e-Verify and would like to send signed ITR-V through normal or speed post to “Centralized Processing Center, Income Tax Department, Bengaluru – 560 500” within 120 days from date of filing.
• Click on ‘Preview and Submit’ button, Verify all the data entered in the ITR.
• ‘Submit’ the ITR.
• On Choosing ‘I would like to e-Verify’ option, e-Verification can be done through any of the following methods by entering the EVC/OTP when asked for. 
• EVC generated through bank ATM or Generate EVC option under My Account
• Aadhaar OTP
• Prevalidated Bank Account
• Prevalidated Demat Account
• The EVC/OTP should be entered within 60 seconds else, the Income Tax Return (ITR) will be auto-submitted. The submitted ITR should be verified later by using ‘My Account > e-Verify Return’ option or by sending signed ITR-V to CPC.
• To view the uploaded ITRs 

How to Check Your ITR Status Online?

After filing your Income Tax Return and wish to know which stage your tax return is and want to check the status of your tax retur, you can do it very easliy online on the e-filing website of the Government of India. There are two methods you can do. They are: 

Without login details: Click on the ITR status link displayed on the left of the website. It will direct you to a page wherein you need to fill details of your PAN number, ITR acknowledgement number and captcha code. Your tax filing status appears once you have keyed them in.

With login details: Login to the website using your username and password. Then, click on the ‘view returns or forms’ option. Select the assessment year and income tax returns from the dropdown menu. Post this, you can see whether your ITR has been verified or processed.

How to Download ITR Verification Form Online?

After you have filed your tax return, the income tax verification form is generated by the Income Tax Department to verify the validity and legitimacy of e0filing. This is allowed only for those who file their returns without digital signature. The income tax return verification form can be downloaded by following the steps below: 

• Visit the Income Tax Department of India website at https://portal.incometaxindiaefiling.gov.in/e-Filing/UserLogin/LoginHome.html
• Click on ‘View Returns/ Forms’ to view your e-filed return
• Then select income tax returns from the available options
• This will display the returns filed for all years by you
• Download ITR V by clicking on the acknowledgement number and selecting ‘ITR-V Acknowledgment’
• When asked for your password, enter PAN number in lower case and your date of birth to open the document
• Take a print out of the document and sign it. 
• Send it by post to CPC Bangalore within 120 days of having e-filed your tax return. The other option is to generate Aadhar OTP via net-banking, ATM etc and complete e-verification of your ITR. File your ITR on time and avoid missing the due dates to stay on the safer side. If you somehow miss the due date for filing ITR, you can file your ITR on a later date on or before 31st March of the next year. That means either you can file your ITR before the completion of assessment year or by the end of the assessment year.

FAQs About Income Tax Return

Also Read:

• Nirman Shramik Kalyan Yojana
• Kisan Vikas Patra Yojana
• Ayushman Bharat Card List
• Kerala Vishwakarma Pension Scheme