Last day to file ITR is July 31: How to file Income Tax Return online

Filing Income Tax Returns (ITR) is mandatory for salaried and self-employed individuals, HUF, MNCs, and firms to declare their income and pay taxes. The last date for filing ITR for the assessment year 2023-24 is July 31, and belated filers would incur a Rs. 5,000 penalty. Taxpayers must file ITRs to establish financial credibility with banks and get loans. ITRs can be filed online via the Income Tax Department's e-filing portal, which requires personal and income details, deduction proofs, and bank account details.

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