It was demanded to extend the due date of filing ITR because of last minute rush and also main factor was TDS statement issue was also delayed for A.Y 2023-24. On 23rd July 2023 CBDT extended the due date of filing Income Tax Return of taxpayers whose due date falls on 31st July 2023.
Who is required to file ITR by 31st July 2023.
Individuals including salaried taxpayers and entities do not need to get their accounts audited.
Click here to Read About who needs to get their account audited here.
What is the document checklist to file ITR?
-Form 16 received from your employer
-Bank statement during the relevant year if you have income other than salary and also to check interest from your saving bank account, as it is taxable too however you get tax deduction up to a limit for your saving bank account interest.
-If you have income from house property then again details of rent received during the relevant year, along with municipal taxes paid receipts
-Details of your tax saving investments like LIC, ELSS, Basic tuition fees paid for your children, any tax saving FD made during the year, donations eligible for tax benefits, and medical insurance paid for yourself or parents and spouse.
-House loan email and interest paid details if any.
-If you are a proprietor and not required to get your account audited make sure your tax computation is calculated correctly so ensure you get the right tax consultant for the same.
Why should one approach a tax consultant to file ITR?
There is no doubt that you can login to the income tax and do the basic filing yourself. If you have income only from salary then you can file it yourself. If salaried taxpayers do not have time they may approach a tax consultant who is not charging you hefty sum to file a salary income tax return. However for those having income from capital gain, income from other sources, or income from the business- it is always recommended that they should approach a tax consultant. Because relying on not so efficient person to file your tax return will only put you in trouble. The income tax department is very strict and serves you with notice in a few months if anything submitted is incorrect or you may even have to face late fees or interest if there is by any chance mistake in your tax computation.
Therefore why get served with notice and take hassle when you can now go to a tax consultant nearby you or approach CA services online through a reliable source. The choice is your file returned on time with the help of a consultant or get served with notice and face an interest penalty by doing delay or making a mistake by getting your ITR filed through a not reliable source.
Related Article- 7 Ways Salaried Individuals Can Save Tax
Know how to file ITR online and don’t wait till the last date.
File your ITR on time and live with peace!!
Chartered Accountant by profession, CA Sanket Agarwal has an experience of above11 years in Cross Border compliance , Import Export , International Taxation & is a passionate content creator.