Attention Taxpayers! File income tax return within 5 days, wait for last day will be heavy

ITR Filing: The due date for filing Income Tax Return (ITR) for the financial year 2021-22 or assessment year 2022-23 is 31 July 2022.If ingroup individuals do not file their income tax return by the due date, then after that from August 1, 2022, late fee will have to be paid for filing IT return. Therefore, taxpayers should file their ITR well in time. Let us tell you that the government is no longer in the mood to increase the deadline. That is, no relief will be given after July 31.

Let us tell you that a screw is stuck in the last date for filing ITR. Actually, July 31 is a Sunday. That is, banks will be closed on this day. In such a situation, taxpayers should not wait for the last day and should file their ITR within five days of this week.

What do experts say?

Advising taxpayers not to depend on bank holidays and last date for filing ITR, Aarti Raote, Partner, Deloitte India said, “ITR filing is online and can be done anytime, so public holidays are no longer a cause for concern. This used to be an important topic in the days of manual filing earlier. However, it is being said that it would be wise not to wait till the last date of filing to avoid heavy internet traffic on the last day when the system can get jammed. ”

Do not wait for the last date

Taxbuddy.com founder Sujit Bangar advises taxpayers not to wait for the last date to file ITR for the year 2022-23, saying, “Many taxpayers due to 31st July being a bank holiday At the same time, there may also be problems on the income tax portal due to heavy traffic jams. He further added that due to bank holidays, net banking may also not function properly as it does on weekdays. So it is better to file ITR at the earliest instead of waiting for the last date to file ITR.”

What will be the impact of late filing of ITR

Sujit Bangar said, “The consequences of late filing can be very serious. There is a penalty for late filing of return. If you pay tax after July 31 , then a separate penalty interest of 1% will have to be paid every month. Hence, it is advisable to file income tax return without any delay.” 

How to file ITR?

1. To file ITR sitting at home, you have to first go to https://eportal.incometax.gov.in/
2. After that you will have to give user ID and password here. After entering the password, click on the Continue option.
3. Click on File Income Tax Return option and select Assessment Year.
4. Select the online mode of filing. After this select ITR-1 or ITR-4 form. 
5. Salaried person has to select ITR-4 form.
6. After downloading the return form and selecting 139(1) on the filling type, a form will open in which fill all the information.
7. After this cross verify the given information and submit it. 
8. After the submission of the form, its confirmation message will come on your mail id and mobile number.