For income made in Financial Year 2022-23, the last date to file an ITR (Income Tax Return) will be 31st July. The new Assessment Year 2023-24 already started on April 1. Generally, the due date of filing Income Tax Return is July 31. It is expected that the same date will be the last date for filing tax returns this year. Earlier, the Government has extended the due dates of filing Income Tax Return for various reasons. However, this year it is expected that there will not be any further extension, because CBDT (Central Board of Direct Taxes) has notified the new ITR forms for AY 2023-24 more than a month in advance.

Benefits of Paying Income Tax

1. Every responsible citizen of the nation is obligated to submit their taxes on a yearly basis as a matter of moral and social obligation. It provides a foundation for the government to evaluate how much the people are spending, as well as a platform for the assesse to regularly seek refunds and other sorts of relief.
2. Paying taxes demonstrates responsibility. In addition, since the tax department keeps a record of an individual or company’s income as well as the payment of any taxes that may be owed, it is much simpler for that person or company to perform any future transactions.
3. You should still strongly consider submitting tax returns voluntarily, even if your income is below the threshold at which you are required to do so. For registering real estate, the majority of states need verification in the form of tax returns from the three years prior. When refunds are handed in, it becomes much simpler to record the transaction that took place.
4. You should have a consistent tax filing history if you wish to be approved for a mortgage loan in the future. If you wish to be considered for a loan as a co-borrower, you may even be required to provide the tax returns of your spouse. Before providing a card, even credit card issuers may need evidence of return.
5. Before doing business with you, a financial institution may want to see your federal and state tax returns from the past several years. In fact, the government may make it essential for them to do so, which will indirectly force taxpayers to submit frequent tax returns even if they choose to do so voluntarily. You are required to submit a return even if you just want to make an adjustment for losses that occurred in the past.
6. There are still a number of benefits to paying your taxes on time, regardless of whether or not your income is over the level required to file. Losses, both speculative and non-speculative, short-term and long-term capital losses, as well as other types of losses, that are not recorded on a person’s or company’s tax return for a particular financial year are ineligible to be deducted from taxable income in subsequent years. This applies to both speculative and non-speculative losses. It is essential that you submit returns on a regular basis since you can never be sure when you may wish to request an adjustment against previous losses.

Who is required to file Income Tax Returns?
Only those who fall under certain income levels are required to pay income tax, according to the Income Tax Act. The following organizations in India are obliged to voluntarily declare their IT Rs:

• Individuals who earn more than Rs 2.5 lakh annually but are under the age of 59. The maximum amount is Rs. 3 lakh for senior citizens (those aged 60–79) and Rs. 5 lakh for super senior citizens (those aged 80 and higher). Recall that before you can apply any exclusions or deductions from Sections 10 and 80C to 80U, you must first figure out your taxable income.
• Any legal entity that makes money, regardless of whether or not it made a profit for the year.
• Those who have paid more in income taxes or payroll taxes than they owe and are requesting a refund.
• People who have financial relationships with companies having headquarters outside of India because of the rights granted by treaties, certain companies with headquarters outside of India have activities located inside the nation.

Necessary Documents for ITR Filing
When you start the process of electronic filing, you need to be sure that you have all of the necessary paperwork on hand.

• Passbook for accounts held with the Public Provident Fund, Registered Retirement Savings Plans, and savings accounts at banks and post offices
• Pay slips Aadhar Card, PAN Card Form-16-TDS Certificate provided by your employer describing the salary received and TDS deducted, if applicable Interest Certificates from Banks and Post Offices
• Payments other than salaries, such as interest from permanent deposits, recurring deposits, etc., that exceed the TDS limits under current tax legislation are required to be reported on Form-16A.
• If you have just sold a piece of real estate, the buyer should provide you a Form 16-B, which provides information on the amount of tax that was withheld from the proceeds of the sale. This form is required by law.
• Form 16C from your landlord detailing any tax with holdings from your rent.
• Your yearly tax statement is Form 26AS. It contains all of the information on the taxes paid using your PAN.

1. TDS deducted by your employer
2. TDS deducted by banks
3. TDS deducted by any other organizations from payments made to you
4. Advance taxes submitted by you
5. Self-assessment taxes paid by you

• Proof of Tax Saving Investments
• Evidence of Deduction Purpose for Articles 80D to 80U (health insurance premium for self and family, interest on education loan)
• Bank Statement for a Mortgage Loan