Although income tax return (ITR) filing deadline for individuals has passed since quite a while, there are still may ITRs which are left to be processed successfully by the income tax department. Experts advise individuals not to fret over this as generally ITR-3 or ITRs with capital gains, others take a longer time to process than ITR-1.
The Central Board of Direct Taxes (CBDT) has notified a new Income tax form- Form 71. This form will help taxpayers resolve their problem of TDS claim when it was deducted in a wrong financial year. One need not approach the tax deductor and request them to revise their TDS return. Income tax department will directly help now.
There are various documents which an individual has to maintain following specific accounting principles and format in order to successfully complete an income tax audit. Further in cases of certain specified professionals like medical, legal, engineering, etc some additional documents are also required to be maintained in addition to the list of documents required for income tax audit.
It may happen that an individual has incorrectly filed his ITR by July 31, 2023 for FY 2022-23 (AY 2023-24), and the ITR got processed and he/she got the income tax refund too. However now realising his/her mistake the individual wants to file an revised ITR to give back the excess income tax refund.
Certain category of businessmen and professionals are mandated by the Income tax law to get an income tax audit conducted by a chartered accountant. The last date for income tax audit is September 30, 2023 for FY 2022-23 (AY 2023-24). And the last date for ITR filing along with audit report is October 31, 2023.