MANAGEMENT

Detailed explanation-1: -AY is the year following the financial year in which you have to evaluate the previous year’s income and pay taxes on it. For instance, if your financial year is from 1 April 2020 to 31 March 2021, then it is known as FY 2020-21.

Detailed explanation-2: -For FY 2021-22 it is Dec 22. You can file returns for the previous years. This can be done, at best, for the two years preceding the current financial year. If you want to file your ITR for the FY 2017-18 then you must do so by the end of the FY 2019-2020.

Detailed explanation-3: -The updated ITR can be filed within 24 months from the end of the relevant assessment year. So an individual taxpayer can file an updated income tax return for FY 2021-22 (AY 2022-23) between April 1, 2023, and March 31, 2025.”

Detailed explanation-4: -What is the due date of Filing ITR-4 for AY 2022-23 (FY 2021-22)? For AY 2022-23 (FY 2021-22) the due date of filing of ITR-4 is 31st July 2022.

Detailed explanation-5: -The assessment year is the year after the financial year in which the prior year’s revenue is assessed, tax is collected, and the ITR is filed. For example, the financial year beginning on April 1, 2022, and ending on March 31, 2023, is known as Financial Year 2022-23.