ITR submitting 2023: Most salaried people should have acquired Form 16 by now, to allow them to begin submitting their earnings tax returns (ITR) for the monetary yr 2022-23. When submitting earnings tax returns, it’s essential to pre-validate the checking account, particularly if taxpayers expect a tax refund for any extra tax paid. If not carried out, the earnings tax Department won’t be able to credit score the earnings tax refund owed to you.
E-Pay Tax service is now enabled for DCB Bank with over counter and web banking choices. With this, there are actually 25 banks out there at e-pay tax service for making tax funds
ITR submitting: List of banks for tax funds
1)Axis Bank
2)Bank of Baroda
3)Bank of India
4)Bank of Maharashtra
5) Canara Bank
6) Central Bank of India
7)City Union Bank
8)DCB Bank
9)Federal Bank
10) HDFC Bank
11) ICICI Bank
12)IDBI Bank
13)Indian Bank
14) Indian Overseas Bank
15) IndusInd Bank New Bank
16)Jammu & Kashmir Bank
17) Karur Vysya Bank
18) Kotak Mahindra Bank
19) Punjab National Bank
20) Punjab & Sind Bank
21) RBL Bank
22) State Bank of India
23) South Indian financial institution
24) UCO Bank
25) Union Bank
Taxpayers should file their ITR correctly and keep away from some widespread errors like forgetting to confirm their ITR, and deciding on of flawed evaluation yr
Forgetting to Verify Your ITR
A typical tax submitting mistake is forgetting to confirm your earnings tax return. Often, taxpayers solely notice this error after they obtain a discover from the Income Tax Department. Rectifying this error will be time-consuming and dear.
Currently, taxpayers have 30 days to confirm your ITR after submitting the finished ITR kind.
Selecting the Wrong Assessment Year
Many taxpayers confuse the phrases “Assessment Year” and “Financial Year.”
“The “monetary yr” refers to the period during which income is earned. For example, if you are filing your ITR on or before July 31, 2023, you are filing returns for the income earned between April 1, 2022, to March 31, 2023. This period from April to March is known as the Financial Year 2022-23 or FY 2022-23. Whereas, the Assessment Year is the year following the financial year when tax returns are filed. For example, if you file your tax returns in June or July 2023, the assessment year is 2023-24,” stated Archit Gupta, Founder, and CEO of Clear
To keep in mind this distinction, take into account that the Assessment Year at all times comes after the Financial Year. Therefore, for the present tax submitting, it’s best to select the evaluation yr 2023-24, added Gupta.
ITR submitting deadline
The ITR submitting due date for FY 2022-23 (AY 2023-24) is thirty first July 2023. ITR submitting on the due date is crucial to adjust to tax legal guidelines, keep away from penalties, declare well timed refunds, preserve correct monetary data, and facilitate monetary transactions.
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Updated: 17 Jun 2023, 11:00 AM IST
