• Notification Date: 20-04-2023
• Notification No: N/A

Income Tax Return E-filing to Start by April End

ITR e-filing 2023 (AY 2023-24): The Income Tax Return (ITR) e-filing for FY 2022-23 is expected to start soon. Experts are expecting that taxpayers can start filing their returns from the last week of April or May first week, a report in The Financial Express said. April 1, 2023, marks the start of the new financial year 2023-24. Taxpayers must file their income tax returns by July 31 for the financial year 2022-23.  
However, salaried individuals might have to wait till June second week as employers are expected to generate Form 16 for Assessment Year 2023-24 around that time. The e-filing portal of the Income Tax Department doesn’t have the option of ITR filing for salaried taxpayers for AY 2023-24 as of now.  

“The ITR filing season for AY 2023-24 is about to start. It can be assumed that the taxpayers will be able to file their ITR from April Last week or May first week. The filing will be done for the income earned in FY 2022-23, i.e., 1st April 2022 and 31st March 2023,” Abhishek Soni, co-founder and CEO of Tax2win, was quoted in the report. 

Dr Suresh Surana, Founder of RSM India, said the salaried individuals might have to wait for another month. “Salaried individuals usually file their returns after receiving Form 16 from their employers. This form is generally issued in the first half of June. This means salaried employees may be able to start filing their returns from mid-June 2023 onwards till July 31, 2023,” he said.  

Under the Income Tax Act, individuals and entities are required to file their ITRs with the Income Tax Department after the end of each financial year. The due date for filing an ITR is the last date by which a person or entity is required to file their return for a particular financial year to avoid any penalty or interest implications. 

In February this year, the Income Tax Department issued the ITR forms for individuals, Hindu Undivided Families, businesses, and others for the 2022-23 fiscal year.   

The Central Board of Direct Taxes (CBDT) issued a notification on February 10 that ITR forms 1-6, ITR-V (verification form), and ITR acknowledgment form have been issued for the FY2022-23. Last year, such forms were notified in the first week of April. 

Taxpayers can download the ITR Offline Utility through the “Downloads” Menu option, and fill and file the ITR through the same.    

There are seven types of ITR forms, ranging from ITR 1 (Sahaj), ITR 2, ITR 3, ITR 4, ITR 5, ITR 6, and ITR 7, for different individuals, businesses, and companies.   

It is very important to choose the correct ITR form while filing their tax return. If the wrong ITR form is used for filing the I-T return, then the filing will be a defective return, and the tax department will send a notice to refill the return.   

ITR form should be selected on the sources of income during a particular financial year. ITR-1 and ITR-4 are simpler forms that cater to many small and medium taxpayers.  

ITR-1 can be filed by an individual having income up to Rs 50 lakh and who receives income from salary, one house property, and other sources (interest, etc). It is also fit for those who have agricultural income up to Rs 5,000.   

The ITR-2 form is filed by people who earn from their residential property. 

ITR-3 is to be used by an individual or a Hindu Undivided Family who is having income under the head “profits or gains of business or profession” and who is not eligible to file Form ITR-1 (Sahaj), ITR-2 or ITR-4 (Sugam).   

ITR-4 can be filed by individuals, Hindu Undivided Families (HUFs), and firms with total income up to Rs 50 lakh and having income from business and profession.   

Firms and companies can use ITR-5, ITR-6, and ITR-7 to file their income tax return. ITR-5 and ITR-6 are filed by Limited liability partnerships (LLPs) and businesses.