Mumbai, July 31: Since the income tax department has explicitly stated in several bulletins that there would be no extension of the income tax return (ITR) due date for FY 2022-23 (AY 2023-24), there is just one day remaining for filers to submit their income tax returns (ITRs). So, if you haven't already, file your income tax return as soon as you can, preferably before the deadline, which is July 31.

ITRs for FY 2022–23 (AY 2023–24) have already been submitted by a record number of taxpayers, according to statistics made available by the Income Tax Department. In addition, many taxpayers have already received their refunds. ITR Filing Last Date 2023: No Extension for Income Tax Return Filing Due Date, Penalties and Loss of Benefits if You Miss Deadline.

However, many hundreds of salaried taxpayers have still not submitted their income tax returns for the fiscal year 2022–2023. There are many repercussions if an ITR is not submitted by the deadline. A late charge will be assessed if you submit your return after the due date and miss the deadline.

Under section 234A, interest is charged for failure to furnish or late furnishing of an income return. Additionally, Section 234F imposes late filing penalties that range from Rs 1,000 to Rs 5,000. It is thus advised to submit returns before the end of the due date.

Here is a step-by-step manual to help you file your income tax returns without making any errors:

Necessary Documents For ITR Filing

# Form 16

# Form 16A

# Form 26AS

# Capital gains statements

# Tax saving investment proof

# PAN Card

# Medical insurance statement, if applied

How to File ITR

# Visit the Income Tax e-Filing website.

# Enter your user ID (PAN), password, and captcha code to log into the portal.

# In the 'e-File' menu, select the 'Income Tax Return' link.

# The Income Tax Return (ITR) form should be selected. You may utilise either the ITR-1 or the ITR-2 since you are a salaried taxpayer using Form 16.

# Next, decide the assessment year (AY) you wish to file the ITR for. Select the evaluation year 2023–2024.

# Verify all the information you've provided, then submit the form.

# E-verify your return once you've submitted it by choosing from one of the various methods, such as the Aadhaar OTP.

# Upload and e-verify your return ITR Filing Last Date 2023: Over Five Crore Income Tax Returns Filed for 2022-23 Fiscal So Far.

Rechecking all of your information is the final step before uploading the form. Your work is not done, though, until you have examined your return.

(The above story first appeared on LatestLY on Jul 31, 2023 12:24 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).