When will the income tax filing process begin for AY 2023-24?

The Assessment Year 2023-24 spans from April 1, 2023, to March 31, 2024, marks the beginning of the tax year. The Income Tax Return (ITR) filing process for this Assessment Year will commence after the conclusion of the 2022-23 financial year, which is after March 31, 2023. 

The exact date for the beginning of ITR filing for AY 2023-24 will depend on the government's notification, and it is conceivable that it will start in the last week of April.

The usual protocol is for the ITR filing procedure to commence in April and last until the end of the assessment year, which is March 31 of the succeeding year. 

It is recommended to frequently check the official website of the Income Tax Department for the latest information on the ITR filing date for AY 2023-24.

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Benefits of filing the income tax return

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• Claiming Refunds: If you have paid a higher amount of taxes than you owe, you can file your ITR to claim a refund.
• Loan Approval: ITR filings are necessary for loan approvals, and maintaining a record of these filings can increase the likelihood of your loan being approved.
• Financial Records: When you file your ITR, it generates a financial record of your income, deductions, and taxes paid, which can serve as evidence of your income for multiple purposes, including loan applications or visa applications.
• Avoid Penalty: By submitting your ITR before the deadline, you can prevent having to pay any fines for delayed filing, thereby avoiding penalties.
• Applying for Visas: To grant a visa, numerous foreign countries mandate ITR as evidence of income.
• Carry Forward Losses: Filing ITR is crucial for carrying forward any losses incurred during a financial year to subsequent years, enabling you to offset them against future profits.
• Summing it up, submitting your ITR is imperative for evading penalties, requesting refunds, establishing financial records, visa and loan applications, complying with tax regulations, as well as carrying forward losses.

Also, Read: "Section 194 N Amendment In Finance Bill 2020".

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