ITR Form: As July 31 approaches, the traffic on the Income Tax website increases. That’s why it is important that you keep filing ITR on time. Let us tell you that there are seven types of ITR forms for individual income tax payers, businesses and companies.
ITR Filing: The new financial year has started from 1st April. Along with this, the process of filing Income Tax Return (ITR) for the financial year 2022-23 is also going on. For this, the last date of 31 July 2023 has been fixed by the CBDT.
Under this, people with taxable income have to file income tax return. Now you can pay income tax or file ITR under Old Tax Regime and New Tax Regime. The tax slabs are different in both the tax regimes.
Total seven types of ITR forms
If tax liability arises on you, then you will have to file Income Tax Return (ITR) for the financial year 2022-23 by 31 July. ITR forms were issued by the Central Board of Direct Taxes (CBDT) in February. Form-16 has also been issued by the companies for the employed people.
After this, the number of ITR filers is sure to increase. As July 31 approaches, the traffic on the Income Tax website increases. That’s why it is important that you keep filing ITR on time. Let us tell you that there are seven types of ITR forms for individual income tax payers, businesses and companies.
When will the penalty be imposed?
Different ITR forms are filed according to the need. ITR-1 and ITR-4 are filed by a large number of small and medium taxpayers. However, if the people paying income tax do not take care of the deadline, then they may have to pay a fine of Rs 5,000. Actually, this year the last date for filing ITR is 31 July.
In such a situation, if someone is not able to file ITR till 31st July, then he has time till 31st December. You can file ITR with late return file till 31st December. In this you will have to pay a penalty of Rs 5,000.
According to the information given on the website of the Income Tax Department, after July 31, 2023, those filing ITR will have to pay a fine of Rs 5,000. Even after this, if an ITR is not filed by the due date, then after that the amount for filing can be doubled.
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