Income Tax Return: There should be no confusion between assessment year and financial year and ITR should be filed in time. The ITR form has already been issued for this by the government.
Income Tax Return Filing: The Corona epidemic forced the government to extend the deadline for filing Income Tax Return (ITR) several times. The last date for filing ITR for assessment year (AY) 2021-22 was March 31 this year. Now is the time for taxpayers to file tax returns for AY 2022-23.
Before filing ITR, taxpayers should not be confused about Financial Year (FY) and Assessment Year.
Financial Year Vs Assessment Year
In India, a financial year is the period between 1 April and 31 March. During this time period, you earn income and it is considered as accounting year.
Assessment year is the year that comes after the financial year. In the assessment year, the income of the taxpayers which is earned during the financial year is assessed and taxed, so basically, for the financial year 2021-22, the AY is 2022-23.
ITR Form
Income taxpayers should note that the Finance Ministry has notified the new ITR forms for the assessment year 2022-23. The Central Board of Direct Taxes (CBDT) has notified ITR-1 to ITR-5 forms.
Last date to file ITR
As per income tax provisions, taxpayers can file ITR for FY 2021-22 or AY 2022-23 till July 31, 2022, where tax audit is not applicable.
In cases where audit is applicable, income taxpayers can file ITR for AY 2022-23 or FY 2021-22 by October this year.
Taxpayers doing domestic or international transactions will have to file ITR by November 30 this year.
