File Income Tax Return  before July 31

Mysore/Mysuru: Any person who receives any income by way of Salary, Pension, Interest, Profession fee, etc., and those who have NOT filed their Income Tax Return for the FY 2022-23 (AY 2023-24) shall file on or before July 31, 2023 which is the due date.

Under Section 234F, late filing of Income Tax Return attracts a levy by way of fee. Therefore, the Income Tax Return has to be filed before the due date (31.7.2023). Else there shall be a levy of late fee of Rs.5,000 between 1.8.2023 to 31.12.2023. If the total income of the person does not exceed five lakh rupees, the levy of fee payable under this section shall be Rs.1,000 only.

Before filing the Income Tax Return, it is suggested to verify and report the transactions appearing in Annual Tax Statement (FORM 26AS), Annual Information Statement (AIS) and Taxpayer Information Summary (TIS) wherever applicable.

Wherever there is any doubt, reference may be made to the provisions of the Income Tax Act, 1961, the Income Tax Rules, 1962, relevant Finance Act and/or circulars and/or notifications, according to a press release from N.D.Shreenivaas of Bhavani Associates, Mysuru.