GulfHindi English Desk: The deadline for filing income tax returns is approaching on July 31, 2023. Every taxpayer must file their returns before this date.
For salaried individuals, the process of filing income tax returns is relatively simple. However, freelancers and consultants face a more complex process. They cannot file their returns using the ITR-1 or ITR-2 forms like salaried individuals.
Under the Income Tax Act, freelancers and consultants have the option to choose the estimated income tax scheme under section 44ADA. This scheme is applicable to professionals whose annual income is less than 75 lakh rupees.
The deadline for freelancers and consultants to file their income tax returns is July 31, 2023. However, if they need to get their audit done, the deadline is extended to October 31, 2023. They are required to submit their tax audit report by September 30, 2023.
It is important to note the following dates:
👉Last date for filing income tax returns: July 31, 2023
👉Last date for individuals requiring audit as per section 44AB: October 31, 2023
👉Last date for submitting tax audit report: September 30, 2023
👉Last date for filing ITR-3 form: July 31, 2023
👉Last date for filing simplified ITR-4 form: July 31, 2023.
en.gulfhindi.com News Summary
👉The last date to file income tax returns is July 31, 2023.
👉The process of filing income tax returns is easy for salaried individuals but becomes more complicated for freelancers and consultants.
👉Freelancers and consultants cannot file their returns using the ITR-1 or ITR-2 forms.
👉They have the option to choose the estimated Income Tax scheme under Section 44ADA of the Income Tax Act if their annual income is less than 75 lakhs.
👉The last date to file income tax returns for freelancers and consultants is July 31, 2023. However, if they need to get an audit done, the deadline is October 31, 2023. They must submit their tax audit report by September 30, 2023.
👉Important dates:
👉Last date to file income tax returns: July 31, 2023.
👉Last date for auditable taxpayers under section 44AB: October 31, 2023.
👉Last date to submit tax audit report: September 30, 2023.
👉Last date to file ITR-3 form: July 31, 2023.
👉Last date to file simplified ITR-4 form: July 31, 2023.
You are reading Mid-East Award Winning news outlet GulfHindi
