ITR filing due date for the FY 2021-22 or AY 2022-23 is July 31, 2022. Those who are eligible to file their income tax return on or before the last date, and fail to do so, then they will have to pay the late fees on or after August 1, 2022. That’s why taxpayers are advised not to get late and file ITR on time.
ITR Filing Last Is Holiday
There is a twist this year regarding the last date to file ITR. The last date July 31, 2022, is Sunday, which will be a national holiday.
So the important advice is that “taxpayers who don’t have a long experience of ITR filing should not get confused with the bank holiday and ITR filing the last date because now a day income tax return can be filed 24x7x365.” And the best option would be not to wait for the last date to file ITR.
Aarti Raote, Partner at Deloitte India, said, “ITR filing is online and can be done anytime hence public holidays no longer should be a cause of concern- this was an issue in the days of manual filing. This being said, it’s ideal not to wait till the last date of filing to avoid the heavy internet traffic when systems may get jammed.”
Why Not Wait For ITR Filing Last Date?
With advice for the taxpayers not to wait till the last date of filing ITR, Sujit Bangar, Founder of Taxbuddy.com said, “On 31st July is a bank holiday, this may be an issue. Due to heavy load, there are instances of the income tax portal having some issues on the last day.” He said that due to bank holidays, net banking may not work as smoothly as it works on working days. So, it’s better to file ITR as soon as possible rather than waiting for the last date of ITR filing.”
“The consequences of late filing are very severe. One has to pay a penalty for filing a late return and if there is a loss, it cannot be carried forward. If you pay tax after 31st July, there would be a separate penal interest of 1% per month. Therefore, it’s advisable to file an income tax return without any further delay,” he further said.
Taxpayers May Need To Go To Bank Branch
“A taxpayer may pay income tax through bank challans. In case of the nonavailability of online banking, the taxpayer will have to visit the bank branch and pay income tax via challan. The taxpayer also requires Form 16 from its bank which may or may not is fished out through net banking. So, in that case, as well, the taxpayer will be required to visit its bank branch. So, one should not wait for the last date of ITR filing, said Tax Expert, Jitendra Solanki.