Income tax return fiscal year 2022-23: Filing an ITR allows individuals to declare their total income during the fiscal year. It provides transparency and helps the government to accurately estimate the tax due. By filing an ITR, taxpayers can calculate their taxable income, claim deductions, exemptions, and rebates under the provisions of the Income Tax Act. This helps determine the correct amount of tax to pay.
Submit ITRs ensures compliance with tax laws and provides a documented overview of your income and tax payments. This can be useful during a tax audit or audit by the Tax and Customs Administration.
It is important to note that the specific rules, thresholds and requirements may vary from year to year. It is advisable to consult a tax professional or check the official website of the Income Tax Department for the most accurate and up-to-date information on how to file the income tax return.
In addition, the Tax and Customs Administration has ITR 2 offline form for the assessment year 2023-24 (financial year 2022-23). Taxpayers who meet the eligibility criteria can access the form through the IT Department’s website (https://www.incometax.gov.in/iec/foportal/) and submit their ITR offline. The department has already submitted the offline forms ITR-1 and ITR-4.
ITR form 2: It is for individuals and HUFs who have no income from profits and gains from business or profession.
The Income Tax Return (ITR) Form 2 is used by individuals and Hindu Undivided Families (HUFs) to file their income tax returns. This form applies to persons who have no income from business or profession. The following persons or HUFs can use the offline ITR 2 form:
- Persons with income from salary or pension
- Private individuals with income from their own home (rental income)
- Individuals with capital gains income (gains from the sale of assets such as real estate, stocks or mutual funds)
- Individuals with income from other sources (including interest income, dividends, etc.)
- Individuals with foreign assets or foreign income
HUFs with income from the sources mentioned above
However, it is important to note that the applicability of ITR forms is possible change after a while. It is always recommended to consult the latest guidelines and consult a tax professional or the official website of the Income Tax Department for the most up-to-date information and guidance on which form to use for filing income tax returns.
Other ITR forms
For persons who are resident (other than non-ordinary resident) with total income up to Rs.50 lakh, income from salaries, a house property, other sources (interest etc.) and agricultural income up to Rs.5,000.
For individuals and HUFs with income from profits and profits from business or profession
For individuals, HUFs and companies (other than LLP) who are a resident with a total income of up to Rs.50 lakh and have income from business and occupation which is calculated under Sections 44AD, 44ADA or 44AE
For persons other than (i) individual, (ii) HUF, (iii) company, and (iv) person submitting Form ITR-7
For companies other than companies claiming an exemption under Article 11
Only for individuals, including companies that must make a declaration pursuant to Article 139(4A) or 139(4B) or 139(4C) or 139(4D)
Where income declaration data in forms SAHAJ (ITR-1), ITR-2, ITR-3, SUGAM (ITR-4), ITR-5, ITR-7 have been submitted but NOT verified electronically
Where the income declaration data in form SAHAJ (ITR-1), ITR-2, ITR-3, SUGAM (ITR-4), ITR-5, ITR-6, ITR-7 has been submitted and verified.
Income tax return due date: Typically, for most taxpayers, the due date/last date for filing the income tax return is July 31.