When should we file ITR (Income Tax Returns)
Income Tax Returns (ITR) should be filed by individuals and businesses within the specified due dates set by the tax authorities. The due date for filing Income Tax Returns varies depending on the type of taxpayer and their source of income. Here are some general guidelines:
To visit: https://www.incometax.gov.in
For individuals and Hindu Undivided Families (HUFs) who are not required to undergo a tax audit:
The due date for filing Income Tax Returns for the previous financial year is generally July 31st of the assessment year. For example, for the financial year 2022-2023, the due date would be July 31, 2023.
Note that the government may extend the due date in certain cases or for specific categories of taxpayers.
For individuals and businesses required to undergo a tax audit or who have international transactions:
The due date for filing ITR is generally October 31st of the assessment year.
It is important to file ITR within the specified due date to avoid penalties and consequences. However, it’s advisable to check the exact due date applicable to your specific situation as the tax authorities may announce changes or extensions to the deadlines. Consulting with a tax professional or referring to official tax guidelines can provide accurate and up-to-date information regarding ITR filing deadlines.
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