As per income tax regulations, every Individual/HUF whose total income during the previous year exceeds the threshold of INR 2.50 Lakh, which is not chargeable to tax, is required to file their income tax return on or before the 31st day of July. It is essential to note that income tax return for the previous year is filed in the subsequent year, known as the Assessment Year (AY). For instance, the income tax return for the income earned during the previous year 2022-23 must be filed on or before 31st July 2023 by Individuals/HUF not falling under specific exempted categories. Compliance with this timeline ensures adherence to tax obligations and regulatory requirements.

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