Income Tax Return e-Filing on http://www.incometax.gov.in, ITR Due Date for AY 2023-24 Latest News Updates on July 29: There are only three days left before the July 31 deadline for ITR filing. It is now clear that the due date will not be extended this year. Therefore, there is no point in waiting for an extension of the due date for taxpayers.
Till July 28, a record number of taxpayers have already filed their returns for AY 2023-24 (FY 2022-23) and a large number of taxpayers have already received refunds. The Government has also said earlier this month that it is not contemplating any extension of the due date, i.e. July 31 for taxpayers whose accounts don’t need to be audited.
If you are a taxpayer but haven’t filed ITR yet, you should rush and complete the process as soon as possible to avoid the consequences of late filing. This blog will provide you with recent updates throughout the day about ITR filing Due Date and relevant tips to help you file your returns correctly.
Income Tax Return (ITR) Filing Due Date for AY 2023-24 Latest News on July 29
Don’t wait any more, if you haven’t filed your ITR yet. File ITR now. There has been a record ITR filing this year. According to Income Tax Department, the milestone of 5 crore Income Tax Returns (ITRs) has been reached 3 days early this year, compared to AY 2022-23. Till July 28, over 5.35 crore returns were filed by taxpayers across the country. It is expected the number of returns filed today will be over 30 lakhs.
A taxpayer wishing to opt for an alternative tax regime must file a specified form on or before the due date of filing an income tax return (ITR). This form can be filed from https://www.incometax.gov.in/ > e-file > Income Tax forms > file Income Tax Forms. (Source: Taxmann)
There are many other benefits related to filing the tax return even for those who are not otherwise mandatorily required to file an ITR. Look at 10 such benefits here
If you have income from transferring cryptocurrencies (Virtual Digital Assets), you should report such income in ‘Schedule VDA’ in ITR-2 or ITR-3. It is important to note that you cannot use ITR-1 or ITR-4 to report this income.
Income Tax Refund Failure Reasons AY 2023-24: ITR filers become eligible for Income Tax Refund if they have paid excess taxes in the relevant financial year. However, It is possible that after the filing of the income tax return, a taxpayer might fail to receive a refund or it might be delayed. Know 5 reasons here
The Income-tax dept. allows payment of tax refunds in the foreign bank account of non resident taxpayers. Non-residents are required to mention the following details in the ITR form:
1. SWIFT Code of Foreign Bank Account;
2. Name of Bank; and
3. International Bank Account Number (IBAN).
Source: Taxmann
Appealing taxpayers to file their returns, the Income Tax Department today tweeted, “Avoid last day rush. 3 days left to file your ITR. The due date to file your ITR for AY 2023-24 is 31st July, 2023. Remember to e-verify after filing.”
Tax filers often make mistake when filing ITR during last day rish. Filing income tax returns (ITR) can also be a daunting task for many taxpayers. However, avoiding the common ITR filing mistakes is essential to ensure a hassle-free return filing. Know about Top 10 Mistakes
Filing of Income Tax Return (ITR) before the July 31 deadline is important for taxpayers to avoid penalties. But in case you file an ITR with some mistakes and fail to rectify it before the due date, there is no need to panic. Tax experts say that you will be able to rectify ITR errors by filing a revised return even after the due date. Read more details
The gains or losses arising from trading in F&O are always taxable under the head of ‘Profits and Gains from Business or Profession’. Income or loss from F&O shall be deemed as normal business income (non-speculative business) even though delivery is not affected in such transactions.
As your income from F&O falls under the business head, it is important to calculate your turnover to determine whether you are required to have your accounts audited. The turnover computation is crucial because the requirement for a tax audit is based on turnover. If your turnover exceeds the specified limit, you must have your accounts audited, and in that case, the due date for filing your ITR will be 31st October. However, if your turnover is below the specified limit, the due date to file the ITR will be 31st July.
Source: Taxmann
The refund processing is very fast this year. Scores of taxpayers have received their refunds within a few days. Recently, a social media user claimed to have received it within 12 hours! Read full story
False claims in ITR are under scrutiny. After coming down with a heavy hand on fake invoices under GST, now the Ministry of Finance has started alerting the income tax assessees on fake claims of deductions under Income Tax returns. Not only are assessees alerted, there are enquiries on this front from the return filers and tax consultants too. Read full story
In case a taxpayer is a resident and ordinarily resident in India, the details of all foreign assets or accounts in respect of such taxpayer is a beneficial owner, a beneficiary, or the legal owner, is required to be mandatorily disclosed in the Schedule FA – Details of Foreign Assets and Income from any source outside India. Read full story
ITR Filing News: As per Section 139 of the Income Tax Act, 1961, any taxpayer, including a senior citizen (60 years or more in age but less than 80 years) and super senior citizen (80 years or above in age), who does not have income exceeding the basic exemption limits is mandatorily not required to file a tax return. Read full details here
More than 4.7 crore ITRs have been verified by taxpayers while the tax department has processed over 2.99 returns till July 28.
Taxpayers holding foreign assets or foreign bank accounts or are beneficiaries are mandatorily required to file their return irrespective of the income threshold, according to a tax expert. Read Full Details here
To assist taxpayers for ITR filing, tax payment and other related services, a helpdesk is functioning on 24x7 basis and the Income Tax Department is also providing support through calls, live chats, Webex sessions & social media. The IT Department said it will continue to provide support till 31.07.2023, including on Saturday and Sunday.
The Income Tax Department on Friday (July 28) expressed its gratitude to the taxpayers and tax professionals for helping reach the milestone of 5 crore Income Tax Returns (ITRs), 3 days early this year, compared to the preceding year!
More than 5 crore ITRs for AY 2023-24 have already been filed till 27th of July this year as compared to 30th of July last year, it said.
The number of ITRs filed till July 28 shows taxpayers should not wait for any extension. As many as three days (including today) before the July 31 deadline are still left. Therefore, taxpayers, who haven’t filed yet, should file their returns in three days. Data on the Income Tax e-filing website shows that more than 5.35 crore ITRs were filed by taxpayers till July 28.