ITR Filing for FY 2021–22 (AY 2022–23) Tutorial: How To File Income Tax Returns on; Read Step-by-Step Guide

ITR Filing for FY 2021–22 (AY 2022–23) Tutorial: How To File Income Tax Returns on; Read Step-by-Step Guide

Mumbai, June 23: The Income Tax Department on Wednesday said that the Income Tax Return filing for the assessment year 2022-23 is now available on the e-filing portal. The Income Tax Department said, “ your Form 26AS, AIS, and other relevant documents before submission. Be an early filer.”

In the first week of April, the Central Board of Direct Taxes (CBDT) issued a notification regarding the income tax return (ITR) forms for FY 2021-22 and Assessment Year 2022-23. DHFL Bank Fraud Case: CBI Books Company Promoters Kapil and Dheeraj Wadhawan in Rs 34,615 Crore Banking Fraud.

Taking to Twitter, the Income Tax Department also created awareness and urged taxpayers to not wait till the last minute as the ITR filing season is on. “File ITR early for AY 2022-23,” a caption on the post read.

According to sources, the new forms to file ITR are quite elaborate, and the early notification has given eligible taxpayers more time to get the documentation and paperwork ready. Hence, taxpayers must make sure that they make complete disclosures while filing their returns. It must be noted that there are around 30 changes in the new ITR forms. Although all changes are not relevant, there are some that one need to know about.


What is Income Tax Return:

One must note that an income tax return is a form that enables taxpayers to declare their income, expenses, tax deductions, investments, taxes, etc. The Income Tax Act 1961 makes it mandatory for a taxpayer to file an income tax return under various scenarios. The income tax return form is filed in order to report the annual income of a taxpayer.

Steps to file Income Tax Return:

After filing your income tax return, one can e-verify the return through either through Netbanking, Bank ATM or Aadhaar OTP. Other ways include Bank Account Number, Demat Account Number or Registered Mobile Number & E mail id.

Taxpayers must remember that e-verification eliminates the need to send a physical copy of the ITR-5 acknowledgment to CPC, Bengaluru.

(The above story first appeared on Fresh Headline on Jun 23, 2022 11:36 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website