Understanding Income Tax Return: A Guide to Filing and Deadlines

You can let the Indian government know that you have paid taxes on your income by filing an income tax return (ITR). If you have paid any additional taxes, you can also request a refund in your ITR. In other words, it is crucial that you, as an Indian citizen, submit your ITR within the deadlines specified. For various types of people, there are many ITR forms. Each person, whether they are an individual, business, or other type of entity, must submit their ITR in the appropriate form.

ITR filing deadlines generally fall into one of two categories:

• The group of people who are exempt from audits under the Income Tax Act of 1961 or any other legal provisions. The deadline in this case is July 31 of the assessment year.
• The category of individuals who are subject to audit under the Income Tax Act of 1961 or any other law- In this case, the deadline is September 30 of the assessment year.

The due date for the first category of persons was extended to 31st August 2023.

File your ITR if you are covered in any of the persons mentioned below:

• Any company (other than the company required to file ITR up to 30th November 2023)
• Any person whose accounts are required to be audited under the Income Tax Act, 1961 or under any other law
• A working partner of a partnership firm whose accounts are required to be audited under the Income Tax Act, 1961 or under any other law.

So, what are you waiting for? File your Income Tax Return now to avoid penalties.