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Total seven types of ITR forms: If you incur tax liability, you have to file Income Tax Return (ITR) for the financial year 2022-23 by July 31. The ITR forms were released by the Central Board of Direct Taxes (CBDT) in February. Form-16 has also been issued for employed people by companies. The number of ITR filers is sure to increase after this. As July 31 approaches, the traffic on the Income Tax website increases. So it is important that you keep filing ITR on time. Let us tell you that there are seven types of ITR forms for individual income tax payers, businesses and companies.
When will the penalty be imposed?
Various ITRs as required. Forms are filled. ITR-1 and ITR-4 are filed by a large number of small and medium taxpayers. However, if the income tax payers do not observe the deadline, they may have to pay a penalty of Rs 5,000. In fact, the last date to file ITR this year is July 31. In such a case, if someone is not able to file the ITR by 31st July, then he has time till 31st December. You can file ITR with late return file till 31st December. In this you will have to pay a penalty of 5,000 rupees.
According to the information given on the website of the Income Tax Department, ITR filers after 31st July 2023 will have to pay a penalty of Rs 5,000. Even after this, if the ITR is not filed by the due date, the amount for filing thereafter may be doubled.
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