How to file ITR: Easy step-by-step guide for filing income tax returns in 2023

Updated On: 26 July, 2023 09:08 AM IST | Mumbai | Ainie Rizvi

Compute your total income from various sources and calculate the tax liability based on the applicable income tax slabs. Take into account any deductions or exemptions available under various sections of the Income Tax Act

Listen to this article :

If you miss the deadline for filing ITR (usually July 31 for most individuals), a late filing fee may be applicable. Image Courtesy: iStock

Income tax filing refers to the process of revealing one`s income, deductions, and taxes paid to the government for a specific financial year. It is a mandatory requirement for those entities whose income exceeds the minimum taxable threshold (as specified by the Income Tax Act, 1961). The income tax filing process is overseen by the Central Board of Direct Taxes (CBDT), which is a part of the Department of Revenue under the Ministry of Finance, Government of India.

In India, income tax filing is done annually for the income earned during a specific financial year. For the financial year 2023-23, the last date to file ITR by individual taxpayers is July 21, 2023. Midday Online spoke to a city-based chartered accountant, Vedika Saraf who share with us a rundown approach to file income tax returns.

Buy now to read the full story.

For just ₹/-

Already a member? Login

For any queries please contact us: E-mail: support@mid-day.com

Latest Photos

Latest Videos

Latest Web Stories

Mid-Day Fast

;

Home / Lifestyle / Culture / Article / How to file ITR: Easy step-by-step guide for filing income tax returns in 2023