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Income tax is a form of taxation imposed by the government on an individual's earnings. 

It applies when a person's income exceeds a certain threshold determined by the government. The rate of income tax is established in the Union Budget at the beginning of each year.

Various sources of income can be subject to income tax, including profits from a business, salary, property sales, interest from savings, mutual funds, and professional income.

In India, the tax system comprises two main types of taxes: direct tax and indirect tax. Direct tax is levied directly on an individual's income, such as the tax deducted from their salary. 

On the other hand, indirect tax is calculated and charged indirectly when purchasing goods or services. Many indirect taxes fall under the Goods and Service Tax (GST).

To maintain and track income tax records, individuals are required to electronically fill and submit their income tax return to the Income Tax department. 

This process is known as Income Tax e-filing. The income tax return form varies based on the source and type of income, and it must be submitted annually within a specific deadline. 

If an individual has paid an excess amount of tax during a particular year, they may be eligible for an income tax refund. This refund is issued when the tax paid exceeds the individual's actual tax liability.

If tax is not paid by the due date, a penalty under Section 234F will need to be paid along with interest under Section 234A.

What do a Financial Year (FY) and an Assessment Year (AY) entail?

What we mean by a financial year is a year that begins on the 1st of April and ends on the 31st of March of the following year. 

The assessment year following FY 2022-23  will be from the 1st of April 2023 to the  31st of March 2024. 

This period between the 1st of April 2023 and the 31st of March 2024 is called Assessment Year AY 2023-24. This means that currently, returns are being filed for FY 2022-23, during AY 2023-24

When Does Income Tax Return Filing Begin in 2023?

E-filing for Income Tax Return (ITR) for the Financial Year 2022-23 (Assessment Year 2023-24) is expected to begin soon, according to experts. 

Tentatively, experts believe that ITR Filing will begin in the first week of June. Presently, the Income Tax  Department has made offline filing of ITR possible for ITR-1, ITR-2, and ITR-4. 

What are the documents required for filing ITR

Does ITR filing month sound dreadful to you?

Everyone starts calling their Chartered Accountants and relatives to take assistance in filling ITR.

But what’s the whole confusion about?

Requirement, requirement and requirement!

So here is the comprehensive checklist of all the documents/ requirements and information you need to take to file hassle-free ITR.

Basic Documents required for Filing ITR for all types of persons: -

1. PAN Card: It is an essential document. It is mandatory to have a PAN to file an ITR.

2. Aadhaar card: Under Section 139AA of the Income Tax Act, every Indian taxpayer must provide his/her Aadhar card details while filing ITR. It is mandatory to link your Aadhaar card with your PAN card for ITR filing. 

3. Bank statements: Bank statements for the financial year for which you are filing the ITR should be available for the whole year and for all the banks. The bank statements should contain details of all the transactions made during the year.

4. Form 26AS: This is a statement that contains details of the tax deducted at source (TDS) on your income, advance tax paid, and self-assessment tax paid. This form will be downloaded from the Income Tax Department's website.

5. Challans: Challan of any advance tax or self-assessment tax(if paid during the year) since it would take approx. 3-4 days in updating the same in Form 26AS.

6. Details of all assets and liabilities as at year end, if taxable income exceeds Rs 50 Lakhs.

7. Form 15G/15H: If you are a senior citizen and your total income is below the taxable limit then you can submit Form 15G/15H to avoid TDS deduction on your income.

8. Any other relevant document depending on sources of income and deductions.

Documents required for Filing ITR on the basis of source of Income:

1. Income under head Salary / Pension:

→ Form 16: It is one of the most crucial income tax documents required by salaried individuals to file ITR. It is a TDS certificate issued by their employers to provide details on the TDS deducted on their salary. This form is issued by the employer to his employees and contains details of salary, allowances, and deductions.

→ Salary Slips: For salaried taxpayers, their latest salary slips form a part of the income tax documents.

→ Pension Statement / Passbook: In case the person is retired then pension statement is required for the financial year for which ITR is filing.

→ Rent receipts/ Rent Agreement: If you are claiming HRA (House Rent Allowance) deduction and the same is not intimated to the employer then you must have rent receipts/ rent agreement for the financial year.

2. Income under head House Property

The following documents are required to determine when rental income is earned by a taxpayer or there is a home loan-

Property Address

Rent Agreement

Co-ownership details in case of co-owned property

Municipal Tax Receipts

Form 16A if TDS is deducted on rental income

Home loan repayment certificate/ Interest Certificate from the bank

Pre-Construction Interest Details

3. Income under head Capital Gain

If you have earned capital gains from your mutual funds/equity investments or sale of the property, the proof of these gains is required- 

Purchase and Sale deed, stamp duty valuation in case of sale of house property, land, or building

Statements from mutual fund or brokers involved.

For shares & securities-Trading statement/ Stock Ledger/ Contact Notes

Details of Improvement cost.

Details of expenses incurred on the transfer of capital assets

Proof of cost of the asset, cost of improvement and sales receipts in case of movable assets

Details of investment made to claim exemptions

Capital Gains Deposit Account details, if any

4. Income under head PGBP

Balance Sheet and Profit & Loss Statement

Bank Account Statement/ Passbook

Supporting documents for expenses incurred

Cash Register

GST returns, if registered

Any other documents required to maintain the books of accounts of the business & profession.

5. Income under head Other Sources

Total Interest income earned from savings

Interest certificate from deposits/ Bonds/ NSC

PPF Account Statement/ Passbook

Dividend Warrants/ counterfoils

Proof of details of receipt of any other incomes

Rent Agreement of let out machinery, in case the renting is not the main business.

6. Documents required for Tax Saving investment-

ELSS/ ULIP/ NSC investment details

PPF account passbook/ statement

Life/Medical Insurance Receipts

Details of Tax Saving FD

Details of National Pension Scheme investment

Details of Senior Citizen Saving scheme investment

Donation Receipts

Children Tuition Fees Paid Receipts

Repayment Certificate for home loan/ education loan

Certificate from specified medical authorities in case of disability

Receipts/proof of any other tax saving investment/contributions

Documents Required for Foreign Income and Foreign Investments

Details of foreign income and taxes deducted on the same

Details of Assets held outside India, including the foreign bank accounts.

Income tax filing due dates for FY 2022-23 (AY 2023-24)

Category of Taxpayer

Due Date for Tax Filing- FY 2022-23   

*(unless extended)

Individual / HUF/ AOP/ BOI

(books of accounts not required to be audited)

31st July 2023 

Businesses (Requiring Audit)

31st October 2023

Businesses requiring transfer pricing reports   

(in case of international/specified domestic transactions)

30th November 2023

Revised return

31 December 2023

Belated/late return

31 December 2023

Types of Income Tax Return (ITR) Forms

Understanding the right Income Tax Return (ITR) form and the accompanying forms is crucial for accurate and hassle-free tax filing. 

Let's have a closer look at the various types of ITR forms and the forms you need to file:

ITR 1: Individuals residing in India with a total income of up to Rs 50 lakh are eligible to file ITR-1. This form is suitable for individuals earning income from jobs, houses, or other sources. Please note that NRIs cannot file ITR-1. Salaried taxpayers can use Form 16 for ITR filing.

ITR 2: Individuals and HUFs (Hindu Undivided Families) with income from sources other than their business or profession can file ITR-2. This form is applicable for individuals and NRIs who earn income from jobs, houses, capital gains, or other sources. Salaried individuals who have gains or losses from stock trading can also use ITR-2.

ITR 3: Individuals who need to disclose their income from business or profession should file ITR-3. Salaried individuals earning income from intraday stock trading or futures and options trading should also choose ITR-3. This form allows individuals to report income from jobs, real estate, capital gains, business or profession (including presumptive income), and other sources.

ITR 4: Individuals, HUFs, and partnership firms subject to the presumptive taxation system can file ITR-4. This form is used to report income from a business with a turnover of up to Rs 2 crore (section 44AD taxation) or income from a profession with a turnover of up to Rs 50 lakh (section 44ADA taxation). Freelancers working in notified professions can also file ITR-4.

ITR 5: LLPs (Limited Liability Partnerships), AOPs (Association of Persons), BOIs (Body of Individuals), and other alliance firms should file ITR-5. This form is suitable for reporting profits from businesses, professions, and other sources of income.

ITR 6: Businesses should use ITR-6 to report income from their industry or profession, along with any other forms of income.

ITR 7: ITR-7 is designed for businesses, partnerships, and trusts exempt from paying income tax.

To file your ITR correctly, you may require additional forms:

Form 16: Employers provide Form 16, a TDS certificate that outlines your gross pay, exemptions like HRA and LTA, net taxable income, tax-saving deductions, and salary TDS.

Form 26AS: Form 26AS contains details of tax deducted at source (TDS) on various incomes, including salaries, interest, and property sales. It also includes information about self-assessment tax, advance tax payments, and listed financial transactions.

Form 15G and Form 15H: Form 15G and Form 15H allow you to receive income without TDS deductions. Individuals under 60 years of age with gross taxable income below the basic exemption limit can file Form 15G, while senior citizens can file Form 15H if they have zero tax liability on their net income. These forms need to be submitted to the entity responsible for deducting your taxes.

What Happens if You Miss the Due Date for Filing Income Tax Returns

Here are some consequences and steps to follow in case you miss the due date for filing income tax returns. 

  1. Interest: You may have to pay interest @ 1% per month on the unpaid tax amount according to Section 234A. 
  2. Late Fee: You will face a penalty of Rs. 5000 as under Section 234F, which may be reduced to Rs. 1000 if your income is below Rs. 5 lakhs. 
  3. Loss Adjustment: You may have incurred losses from mutual funds, stock markets, properties, or from your businesses alone which can be adjusted against next year’s income. Carrying your losses forward lowers your tax liability greatly. However, remember that you are only permitted to adjust your losses if you declare them in your ITR and file them before the deadline with the income tax department. 
  4. Belated or Late Returns: In most cases of missing the deadline for filing ITR, you can file it after the due date by the belated return due date. Though, you will have to pay the late fee, interest and will not be able to carry forward losses. The due date for filing belated returns for the current financial year is in the assessment year, 31st of December 2023. 

Due Dates to Note for Advance Tax Instalments for Financial Year 2023-24

There are many parts to the process of filing income tax. These phases, such as filing income tax returns or paying advance tax on time, need to be followed according to their specific due dates.

The following table captures the due date for payment of advance tax.

Due Date

Nature of Tax Compliance

Portion of Tax to be Paid

15th of June, 2023

First Installment

15% of tax liability

15th of September, 2023

Second Installment

45% of tax liability

15th of December, 2023

Third Installment

75% of tax liability

15th of March, 2024

Fourth Installment

100% of tax liability

31st of March, 2024

Presumptive Scheme

100% of tax liability

Who are liable to file Income Tax Return?

1. Every assessee other than company, partnership firm or LLP whose total income exceeds the specified limit prescribed in Income Tax Act must file an income tax return. In case of Company, partnership or LLP, they have to file an Income tax return irrespective of their income or loss.

2. A person whose source of income is from property under religious trusts or charitable trusts or the income is generated from voluntary contribution is also liable to file ITR if income exceeds the prescribed limit.

3. A person has to file an income tax return even if his source of income is from a bond, fixed deposits, or property.

4. Every Indian citizen who has an asset, financial interest in foreign or has signing authority in a foreign account is liable to file an income tax return. For ease of doing, they can choose online income tax return filing.

5. Filing an income tax return is very important for VISA sanctioning, and it also helps to take a loan. So, a person who requires these must file an income tax return.

Why You Should Consult an Expert for Income Tax E-filing

Filing an income tax return is a very important process, and the income tax return is a vital document, so any fault in this process can lead to several other problems and can even attract a penalty. 

The faults can occur in the process of choosing the correct income tax return form; you can miss the reporting source of income. 

Putting incorrect personal information and wrong information regarding deductions to be claimed can harm the ITR process. 

All of this can lead to paying excess tax or incorrect tax information. To minimize your income tax and ITR errors, it is best to consult an expert and do proper e-filing income tax.

An income tax refund can only be filed when income tax returns have been filed. Hence, if one misses the process of filing returns by 31st July 2023, one can file belated returns by 31st December 2023. It is important to note that filing ITR by the due date is vital as post 31st July; one will have to pay interest of 1% on total income per month and a penalty of Rs. 5000. In case your total income is below Rs. 5 lakhs, you only need to pay a penalty of Rs. 1000.

If you missed the deadline for filing income tax, you could pay it back after the due date as belated or late returns by the 31st of December, 2023. However, this comes with you paying interest on your total income as well as a late fee. Unless your total income is less than Rs. 5 lakhs, the penalty is Rs. 5000. If your or your business's total income is below Rs. 5 lakhs, you will only have to pay a penalty fee of Rs. 1000.

Under Section 139(4) of the Income Tax Act, you can file income tax returns as belated or late returns if the due date has been crossed. Additionally, under Section 234F, you will have to pay a late fee of Rs 5000. In the case that your total income is below Rs. 5 lakhs, you will only have to pay a late fee of Rs. 1000. 

For individuals and non-audit cases, the due date for filing income tax returns is the 31st of July, 2023. For audit cases, the due date is the 31st of October of the Assessment Year 2023-24. 

Under Section 139(5), you can revise the original returns filed as a taxpayer. Section 139(5) allows for revised returns to be filed per the standard procedure you followed for the original tax filing as long as you submit it under Section 135(5). Make sure to validate the process of filing revised ITR by completing the e-verification process during the filing of revised returns.

As a taxpayer, it is possible for you to revise original returns after the due date. Using the revised return under Section 139(5), you can file a belated return as long as it is before the 31st of December of Assessment Year 2023-24. Once this day passes, taxpayers filing returns will be impossible unless it is an extreme situation. In that case, a request can be lodged to your assessing officer and cite Section 119 to seek permission to file past returns.

In case an income tax return is not filed in time, a belated or late return can be filed. It is best to file by the due date as a penalty of Rs. 5000, and interest at 1% per month will be charged in case of belated returns. In the case that the total income of the firm or individual is less than Rs. 5 lakhs, the penalty will only be of s.1000.

If the accounts of Trusts do not need auditing, then the due date for filing returns for Financial Year 2022-23 is the 31st of July, 2023. If the accounts of the Trust require auditing, the due date to file income tax returns for Financial Year 2022-23 is the 31st of October, 2023. In the special case of the Trust needing to furnish a report in Form No, 3CEB u/s Section 92E, the due date for filing income tax returns for Assessment Year 2023-24 will be the 30th of November 2023.

For the Financial year 2022-23, domestic companies need to file income tax returns by the 31st of October, 2023. In the unique case of having an international transaction and a specified domestic transaction, the due date for filing income tax returns will be the 30th of November, 2023. In this case, a report needs to be furnished in Form No. 3CEB u/s Section 92E. 

For the Assessment Year 2023-24, the individual accounts without the requirement of auditing need to submit filing of ITR by 31st of July, 2023. For those taxpayers who require auditing, the due date is the 31st of October, 2023. 

An income tax audit entails examining and examining the individual or firm's books of accounts to ensure compliance with the Income Tax Act of 1961. A chartered account or a firm of charter accountants usually conducts these tax audits; however, only certain cases need to get them done. 

A business with an annual turnover exceeding 1 crore is eligible for an income tax audit report, along with firms or individuals with receipts over Rs. 50 lakhs.

No, these documents are not required to be submitted to the IT Department while filing the Income Tax Return. Since ITR is an annexure-less form. However, if a taxpayer receives a notice from the IT Department such documents may be required to be submitted.

You should take the following precautions while filing ITR:-

  • Keep all the income tax documents handy to avoid any last-minute hassle.
  • File the ITR before the due date.
  • Download Form 26AS, AIS, TIS and check the actual TDS deducted/paid and other transactions reflecting in these reports to avoid any discrepancy.
  • Identify the correct ITR form

Any profit or gain that arises from the sale of a ‘capital asset’ is known as ‘income from capital gains’.  It also includes the sale of shares and securities. Capital gain is taxable in the year in which the transfer of the capital asset took place.

The classification of futures and options (F&O) as either business income or capital gain depends on factors like trading activity and intention. For active traders, F&O income is generally treated as business income, while infrequent trading may be considered capital gains. Individual circumstances and tax regulations should be considered for accurate classification.

Yes, individuals can choose the new tax regime even if they previously reported their income under the old tax regime to their employer. The choice of tax regime is made during the filing of the income tax return, allowing individuals to switch between the old and new regimes based on their preference and eligibility for deductions.

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