There are just a few days left to file the Income Tax Returns. The deadline for filing ITR is July 31, 2022 – Sunday, which will be a bank holiday across India. It is advisable for individuals to file their ITR before the deadline and not wait till the last minute, however, if you are unable to file the returns by July 30, you can always opt for the online option to do it.
The deadline for filing ITR this year is falling on a Sunday. This does not mean that taxpayers cannot file their ITR, it simply means that the returns cannot be submitted physically. It is also important to note that if you wait to file ITR till the last date and opt to do it online, you may face technical issues due to heavy traffic on the portal or online services may not work smoothly due to July 31 being a weekend.
READ | Sawan Shivratri 2022 TODAY: Know history, significance, puja timing
What is a bank’s role in ITR filing?
If online banking options are inaccessible, the taxpayer must visit the bank to pay income tax via challan. One more reason for a taxpayer to visit the bank is to obtain the Form 16A which is a tax deducted at source (TDS) certificate, which might not be available online.
Taxpayers need to submit their ITR as soon as possible because a penalty will be charged if they fail to do it before the deadline.
READ | Scientists discover deadly pool in Red Sea that kills anything that swims into it
What happens if ITR is not filed until the deadline – July 31?
A Rs 5000 penalty will be levied for the late submission of forms if the total amount of income that must be reported exceeds Rs 5 lakh. If the person’s total annual income is less than Rs 5 lakh, a penalty of Rs 1000 will be charged.
