July 31 was the last day for filing income tax returns (ITRs) for AY 2022-23 (FY 2021-22) for salaried individuals. Unlike in some previous years, the ITR filing deadline was not extended this year, and the Income Tax Department issued a set of Frequently Asked Questions (FAQs) on issues pertaining to the filing of ITRs.

Though the last date to file ITR for AY 2022-23 is over, one can still file it by December 31, 2022. The income tax return filed after the deadline is called belated ITR. One will have to pay a late filing fee when filing a belated ITR.

It is important for taxpayers to understand that the ITR filed in the financial year 2021-22, is, for the income earned between April 1, 2021, and March 31, 2022. The year in which an income tax return is being filed is called the assessment year for the previous year. The previous year is followed by the assessment year.

The financial year 2021-22 is the previous year in which income is earned. The assessment year or AY 2022-23 in which ITR is being filed for the financial year or FY 2021-22. Similarly, income which is being earned in the ongoing financial year 2022-23 will be reported in next year’s ITR, i.e., the assessment year 2023-24.

So, the last date for filing ITR for FY 2022-23 (AY 2024-23) is July 31, 2023, as per the income tax laws.

To start the process of filing ITR, you must first ascertain whether your total income (before claiming any deductions) exceeds the exemption limit.

For individuals below 60 years of age, the exemption limit is up to Rs 2.5 lakh irrespective of whether you opt for new income tax regime or old one. If the total income exceeds Rs 2.5 lakh, then you have to mandatorily file ITR.

The next step would be to collect the required documents for ITR filing. This includes various TDS certificates such as Form 16 (from your employer), Form 16A (from banks), interest certificates, capital gains statement etc.