Income tax return filing due date: Filing an income tax return is mandatory if you have a refund claim in the return or have a total income of more than
Rs 2.5 lakh under the old tax regime. This limit is increased to Rs 3 lakh under the new tax regime. Therefore, it’s better to file early or within the said time period to avoid errors and to have time to fix any issues, as delaying ITR filing or filing ITR at the last moment in a hurry may lead to mistakes. However, if you miss the deadline, what can happen? Let’s find out.
What is income tax return?
ITR filing is the process through which a taxpayer must record their total income earned during the fiscal year. The Income Tax Return (ITR) form is used for filing details about your income and the applicable tax to the Income Tax Department of India. Taxpayers must file income tax returns before the due date.Simply put, ITR stands for 'Income Tax Return'. It is a prescribed form through which the particulars of income earned by a person in a financial year and taxes paid on such income are communicated to the Income-tax Department. It also allows carry-forward of losses and claim refunds from the income tax department.
