ITR Filing Deadline: Don't Miss Out On THIS Step If You Want A Refund On Time

File Photo

New Delhi: The process of submitting an income tax return to the Income Tax Department is known as ITR filing in India. Every year, Indian taxpayers must submit an income tax return (ITR), which lists their earnings and outgoings for the previous fiscal year. The final step of finishing the work is the most crucial one to complete in order to guarantee that your ITR is handled effectively and that you receive the refund promptly if one is owed to you.

Keep in mind that your ITR will be regarded as e-verified once you have finished the e-verification process. Since this stage is so important, it is seen as coming last in the ITR filing procedure. ()

ITRs must be submitted by July 31, 2023, for the fiscal year 2022–2023. However, some taxpayer groups, such as those who select ITR-6, are permitted to file their ITRs at a later date. ()

Through the Income Tax Department's e-Filing platform, taxpayers can submit their ITRs online. They can also file their ITR manually by mailing the Income Tax Department a hard copy of the ITR form.

The act of submitting an ITR has some advantages. Taxpayers who submit their ITRs on time, for instance, are entitled to reimbursement of any overpaid taxes. Once you log in to the ITR Portal, there are a number of processes that must be followed in order to begin filing an ITR.

Start by compiling all of your financial records, including Form 16, pay stubs, bank statements, and other records that detail your income and outgoings.

There are seven various ITR forms that taxpayers might use, based on their income, sources of income, and other considerations. Choosing the correct ITR form is essential. You must select the ITR form that is appropriate for you.