e-filing ITR start date 2023 (AY 2023-24): The Income Tax Return (ITR) e-filing for Assessment Year 2023-24 (FY 2022-23) is expected to start soon.
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ITR filing start date 2023 (AY 2023-24): The Income Tax Return (ITR) e-filing for Assessment Year 2023-24 (FY 2022-23) is expected to start soon. Experts say that taxpayers may be able to start filing their returns from the last week of April or May first week. However, salaried individuals may have to wait till mid-June as this is the time by when employers issue Form 16. As of today, the e-filing portal of the Income Tax Department doesn’t have the option of ITR filing for salaried taxpayers for Ay 2023-24.
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“ITR filing season for AY 2023-24 is about to start. It can be assumed that the taxpayers will be able to file their ITR from April Last week or May first week. The filing will be done for the income earned in FY 2022-23, i.e., 1st April 2022 and 31st March 2023,” says Abhishek Soni, co-founder and CEO of Tax2win, a Fisdom company.
The Indian Income Tax Act requires certain individuals and entities to file their ITRs with the Income Tax Department after the end of each financial year. The due date for filing an ITR is the last date by which a person or entity is required to file their return for a particular financial year to avoid any penalty or interest implications.
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Salaried? You may have to wait a little longer
According to Dr Suresh Surana, Founder of RSM India, the ITR filing should technically start from April 1 itself. However, salaried individuals usually file their returns after receiving Form 16 from their employers. This form is generally issued in the first half of June. This means salaried employees may be able to start filing their returns from mid-June 2023 onwards till July 31, 2023.
“Generally, the filing of Income Tax returns would commence from 1st day of April of the relevant assessment year (AY) or from the date such Income tax forms are notified by the CBDT, whichever is later. Since the income tax forms for AY 2023-24 were notified in the month of February 2023 itself, taxpayers, including salaried taxpayers and as such technically, the taxpayers could commence their ITR filings for Financial Year 2022-23 (relevant to AY 2023-24) from 1st April 2023 itself,” says Dr Surana.
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“However, it is pertinent to note that salaried individuals usually file their tax returns based on the TDS certificate (Form 16) received from their employers. Such form is generally issued by the employers in the first half of June as the last day for TDS filing for the quarter ending March is 31st May and Form 16 is to be issued within 15 days from such return filing. Thus, once such TDS certificate is obtained, the salaried taxpayers should file their return after verifying the details of such certificate,” he adds.
Tax experts recommend taxpayers should file their returns at the earliest in order to avoid any excess interest consequences. The due date for filing Income Tax Return for income earned in FY 2022-23 for salaried taxpayers is 31st July 2023.
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Soni says that there are minor chances for an extension in the due date this year as the Income Tax Department has been working more aggressively on this.
