DON’T MISS ITR LAST DATE: INCOME TAX RETURN AY 2023-24

ITR Last date: Latest News

As we approach the deadline for Income Tax Return (ITR) filing, it is crucial to stay informed and take action promptly. The ITR Last Date for filing is July 31, and there are no indications of an extension this year. Hence, only one day left. So, if you have not filed your ITR yet, it is imperative to do so without any further delay. File your ITR here

Record-Breaking ITR Filings for FY 2022-23 (AY 2023-24)

The Income Tax Department has reported a remarkable surge in taxpayers filing their ITRs for the financial year 2022-23 (assessment year 2023-24). Additionally, a substantial number of taxpayers have already received their refunds. With the recent announcements confirming that there will be no extension beyond July 31, it becomes crucial for non-audited taxpayers to file their returns before tomorrow’s deadline.

ITR Last Date

Consequences of Missing the ITR Filing Deadline

Failing to file your Income Tax Return before the due date can lead to various consequences. It is strongly advised to file your returns on time to avoid these complications. To ensure that you complete the process correctly, we have compiled some last-minute tips for you.

Some Last Minute Tips

Gather All Necessary Documents

Before you begin filing your ITR, gather all the relevant documents, including your PAN card, Form 16, bank statements, and investment proofs. Having these in order will streamline the filing process.

Choose the Correct ITR Form

Selecting the appropriate ITR form is crucial for accurate filing. Different forms cater to various income sources, so make sure you choose the right one for your specific situation.

Double-Check Your Information

Ensure that you provide accurate personal details, such as your name, address, and PAN number. Any mistakes in this information could lead to issues with your filing.

Declare all Sources of Income

Remember to declare all your sources of income, including salary, rental income, capital gains, and any other earnings. Failing to report any income can result in penalties and legal complications.

Utilize Deductions and Exemptions

Take advantage of all applicable deductions and exemptions to reduce your taxable income. This can significantly impact the final tax amount you owe.

Verify Bank Account Details

Double-check that you provide the correct bank account details to ensure a smooth refund process. Incorrect information may lead to delays in receiving your refund.

E-Verify Your ITR

Once you have successfully filed your ITR, don’t forget to e-verify it. This step is vital to complete the filing process and avoid any issues with the IT Department.

Seek Professional Help if Needed

If you find the tax filing process complex or overwhelming, don’t hesitate to seek assistance from a qualified tax professional. They can guide you through the process and ensure accurate filing.

Read Article Which ITR Form To File, Deductions & Exemptions

Conclusion

Filing your Income Tax Return on time is essential to avoid penalties and legal hassles. With the ITR Last Date for AY 2023-24 approaching, take action now and complete your filing before July 31. By following the last-minute tips provided in this article, you can ensure a smooth and error-free filing experience. Stay compliant, and remember that timely filing is the key to a stress-free tax season!

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