We Indians belong to a country that is still developing. To be entirely developed is still a long way ahead. Our government needs money for conducting the welfare of the country. Taxes are considered to be the primary source for most governments. The money collected from taxes is used for the betterment of the country. Activities like building and maintaining the country’s infrastructure, public services, emergency conditions, and more are done with the help of this money.
Direct tax and Indirect tax are the 2 types of tax under The Income Tax Act, of 1961. Direct taxes are those that need to be paid by the person the same is levied, it cannot be shifted. Some examples that indicate direct tax are income tax and wealth tax. On the other hand, indirect taxes are levied on products and services. Indirect taxes can be shifted from one person to another until finally paid by the ultimate customer. GST, VAT, and service tax are some examples of indirect tax.
We shall focus on direct taxes and that too income tax, paid by individuals like you and me.
Income tax is paid after the income has reached the earning individual’s pocket. Tax collection is a very difficult task and thus the government has set deadlines for the same. You pay income tax returns after 1 financial year if you are an earning individual. The last date for filing income returns for the financial year 21-22 is 31st July 2022 in the assessment year 2022-23. If you do not wish to pay any late fee or penalty, you are advised to file your income tax returns before the due date.
The general last filing date depends on the taxpayer’s category also. As an earning individual has to file ITR on or before 31st July 2022, corporates need to conduct audits and thus can file ITR on or before 31st October 2022. The ITR is filed in the assessment year that is after the financial year has ended.
Taxpayers who have not filed ITR till now or have missed it can file their return till 31 July 2022. Although, there are some costs associated with it due to late filing.
The last date to file ITR for AY 2022-23 was 31 July 2022. But some people have missed it. Now they all can file belated ITRs till 31 December 2022.
For the assessment year 2022-23, below are 3 important dates that taxpayers need to keep in mind.
These are some of the points that you shall keep in mind while filing your income tax returns.
For businesses, such duties are outsourced to different people with the respective industry knowledge. On the other hand, salaried people conduct this activity on their own. Before filing ITR you must know how to file income tax returns online for salaried employees. Thus, below are the steps that can be followed by salaried people to file their income tax returns online:
Your screen will prompt about successfully e-filing. You can then verify your returns through modes such as – Aadhar OTP, Bank account number, Net banking, and more modes.
This is how you file ITR for salaried professionals online.