ITR filing 2023: Most salaried individuals must have received Form 16 by now, so they can start filing their income tax returns (ITR) for the financial year 2022-23. When filing income tax returns, it is crucial to pre-validate the bank account, especially if taxpayers are expecting a tax refund for any excess tax paid. If not done, the income tax Department will not be able to credit the income tax refund owed to you.
E-Pay Tax service is now enabled for DCB Bank with over counter and net banking options. With this, there are now 25 banks available at e-pay tax service for making tax payments
ITR filing: List of banks for tax payments
1)Axis Bank
2)Bank of Baroda
3)Bank of India
4)Bank of Maharashtra
5) Canara Bank
7)City Union Bank
8)DCB Bank
9)Federal Bank
10) HDFC Bank
11) ICICI Bank
12)IDBI Bank
13)Indian Bank
15) IndusInd Bank New Bank
16)Jammu & Kashmir Bank
17) Karur Vysya Bank
18) Kotak Mahindra Bank
20) Punjab & Sind Bank
21) RBL Bank
22) State Bank of India
24) UCO Bank
25) Union Bank
Taxpayers must file their ITR properly and avoid some common mistakes like forgetting to verify their ITR, and selecting of wrong assessment year
Forgetting to Verify Your ITR
A common tax filing mistake is forgetting to verify your income tax return. Often, taxpayers only realize this error when they receive a notice from the Income Tax Department. Rectifying this mistake can be time-consuming and costly.
Currently, taxpayers have 30 days to verify your ITR after submitting the completed ITR form.
Selecting the Wrong Assessment Year
Many taxpayers confuse the terms “Assessment Year” and “Financial Year.”
“The “financial year” 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,” said Archit Gupta, Founder, and CEO of Clear
To remember this distinction, keep in mind that the Assessment Year always comes after the Financial Year. Therefore, for the current tax filing, you should choose the assessment year 2023-24, added Gupta.
ITR filing deadline
The ITR filing due date for FY 2022-23 (AY 2023-24) is 31st July 2023. ITR filing on the due date is essential to comply with tax laws, avoid penalties, claim timely refunds, maintain accurate financial records, and facilitate financial transactions.
Download The Mint News App to get Daily Market Updates.
Updated: 17 Jun 2023, 02:45 PM IST