ITR - AY 2023-24 | FY 2022-2023

[Ragul]

Hi Buddies,

This is first time I'll be filling the IT with refund and I have few questions regarding the same.

1. I know June 30 will be due date for ITR. what is actual start date for filling ITR?

2. I haven't submit rent proof to my employer since my rental address is not belongs to office location and my employer deducted full TDS in last 2 months. I have rental agreement in hand. In my case, what documents I need to have handy while filling ITR?

3. Under 80C, While submitting IT proof to employer, system allowed me submit only till Dec 2022 and not for Q4 and TDS deduction happened accordingly. so here, Do I need to upload proof for Q4 2022?

It would be really helpful if anyone help me with my question and also please let me know if something I need to know beforehand.

Thanks.

 

[beingmohit]

Here are the answers to your questions:

1. The actual start date for filing ITR is April 1st of every year. However, the due date for filing ITR for FY 2022-23 (AY 2023-24) is July 31st, 2023.

2. You will need to have your rental agreement handy while filing ITR. However, you do not need to upload it.

3. You do not need to upload proof for Q4 2023. Just declaring the amount while filing ITR would suffice

I hope this helps! Let me know if you have any other questions.

 

[Ragul]

Thanks for your response.

Yesterday I have checked on income tax portal for ITR, I could see till AY 22-23, not for 23-24. I might visit wrong path. kindly check from your end once and please let me know.

Also, If we filled and submit for refund, how long does it take to credit the refund?

 

[beingmohit]

Thanks for your response.

Yesterday I have checked on income tax portal for ITR, I could see till AY 22-23, not for 23-24. I might visit wrong path. kindly check from your end once and please let me know.

Also, If we filled and submit for refund, how long does it take to credit the refund?

The IT Department is supposed to provide the refund within a year. However, I have seen people get refunds within weeks

 

[Wealth is my birth right!]

Thanks for your response.

Yesterday I have checked on income tax portal for ITR, I could see till AY 22-23, not for 23-24. I might visit wrong path. kindly check from your end once and please let me know.

Also, If we filled and submit for refund, how long does it take to credit the refund?

Last June I filed IT with some 14k refund which I got back in 13 days

 

[Ragul]

for HRA, Does it enough to have rental agreement or do we need have rental receipts also?

 

[dakshv]

Thanks for your response.

Yesterday I have checked on income tax portal for ITR, I could see till AY 22-23, not for 23-24. I might visit wrong path. kindly check from your end once and please let me know.

Also, If we filled and submit for refund, how long does it take to credit the refund?

ITR Utility for AY 23-24 is yet to be released by Income Tax Department so you won’t be able to file your ITR till they release it. They might release it by April end.

You’ll receive your IT Refund once your ITR is processed by CPC Bangalore. As prt my experience on an average 30 days, some of my clients have got it within 24 hours also.

 

[drakesri]

for HRA, Does it enough to have rental agreement or do we need have rental receipts also?

Usually proofs are required by employers to calculate HRA and deduct TDS. While claiming HRA on ITR you need to complete your calculation and claim the respective amount. In case you get a notice from IT dept that is when the proof of rent is required otherwise no need.

 

[newmakerhere]

for HRA, Does it enough to have rental agreement or do we need have rental receipts also?

if your salary includes HRA then you claim HRA Deduction otherwise you can claim a deduction for rent u/s 80GG. The calculation of deduction is different in both scenarios.

 

[Anas Manjevdiwala]

1. June 30 is not the due date, it’s 31 July. You can start filing from April itself as this year all utilities has been released earlie.
But the problem is last date for TDS filing for Q4 is 31 may, hence sometimes your tds gets Reflected in 26as in June first week.

2. For 2 and 3 point your do not need to submit any documents during return filing as it is done on self assessment basis, but documents comes in handy during assessment or any scn received.

 

[rj_arora]

Are there any CAs here? Are do any of you have reference of a good CA? I will continue with the CA for years to come

 

[gobsy]

I made nps contribution on 27th March 2023 in tier 1 account when I opened it with 500 ra. This was credited in nps account on 28the march. But I made 49500 rupees contribution on 28th March which was credited in Nps account on 05th April. So can I only claim 500rs deduction under S. 80CCD2 or whole 50000rs for AY 23-24?