When to file income tax return?
Engineers, freelancers, doctors, architects, consultants, and other self-employed persons are required to file their income tax returns on or before 31st July of the assessment year relevant to the previous year if their accounts are not subject to tax audit under section 44AB of Income Tax Act 1961.
For the financial year 2022-23
For the financial year 2022-23 (assessment year 2023-24), the due date of filing income tax return in the case of an individual taxpayer not requiring tax audit under section 44AB of the Income tax act, 1961 was 31st July 2023. For taxpayers requiring an audit, the due date of filing income tax return was 31-10-2023. However, tax audit report has to be uploaded on or before 30th September 2023.
For the financial year 2023-24
For the assessment year 2024-2025 (financial year starting from 1st April 2023 to 31st March 2024), the due date of filing an income tax return is 31st July 2024. If the due date has been extended by CBDT/government then such extended date will be considered as the due date instead of 31st July.
Why to file income tax return before the due date?
If you have missed the income tax filing for the financial year 2022-23, then you can still file it on or before 31st December 2023 by payting late fee. In the case of self-employed persons, income tax return filing will be mandatory if income before deductions and exemptions exceeds the basic exemption limit.
Taxpayers who do not file their income tax return on or before the due date of filing are subject to penalty and interest on the late payment of income tax.
The penalty for late filing income tax return is now as follows:
- Late Filing between 1st August and 31st December – 5,000 rupees
- Late Filing After 31st December – 10,000 rupees
- Penalty if taxable income is less than 5,00,000 rupees – 1,000 rupees
As an individuals you must file your income tax returns for each financial year if income exceeds 2,50,000 rupees per annum.
How can we help you in filing your income tax return?
BIGYAN MISHRA & CO is a Chartered Accountant firm based out of Bhubaneswar, Odisha. We at Bigyan Mishra & Co, can assist self-employed persons in the preparation of their income tax returns based on the feedback and documents submitted to us.
Tax computation, Balance Sheet, and Profit and Loss account will be sent to your email ID for approval. Once approved, we will e-file your IT return with the income tax department.
A tax acknowledgment copy with other details will be emailed to you. We provides income tax efiling services with dedicated tax expert support. You need to email your Form-16A and certain additional documents. We will file your income tax return and provide you the acknowledgement within 1 – 2 business days.
You can contact us via email at bigyanmishra[at]gmail[dot]com or call us @ +91-94371-64365 to find out how we can help your business.
When tax audit is a must?
In case of a business, tax audit would be required if the total sales turnover or gross receipts in the business exceeds Rs.1 crore in any previous year.
In case of a profession or professional, tax audit would be required if gross receipts in the profession exceeds Rs.50 lakhs in any of the previous year.
If a person is enrolled under the presumptive taxation scheme under section 44AD? and total sales or turnover is more than Rs. 2 crores, then tax audit would be required.
Frequently Asked Questions
Can I file my income tax return if missed the due date of filing?
Yes, income tax return can be filed on or before 31st December if you missed the deadline. In this case, the ITR will be referred to as belated return. For instance, if you have missed the due date for the financial year 2022-23 (assessment year 2023-24), then you can file your income tax return on or before 31st December 2023.