ITR submitting for AY 2022-23: Due date for earnings tax return (ITR) submitting for FY 2021-22 or AY 2022-23 is thirty first July 2022. Those incomes people, who fail to file their earnings tax return by the given due date, should pay late payment from 1st August 2022 for submitting their I-T return. So, it’s advisable for the taxpayers to file their I-T return on time. However, there’s a catch within the ITR submitting final date. thirty first July is Sunday, which will likely be a financial institution vacation. So, taxpayers who does not have a protracted expertise of ITR submitting mustn’t get confused with financial institution vacation and ITR submitting final date as a result of now a day earnings tax return could be filed 24x7x365. However, it’s advisable for the incomes people that they should not await the due date of ITR submitting.
Advising taxpayers to not get confused with financial institution holidays and ITR submitting final date, Aarti Raote, Partner at Deloitte India mentioned, “ITR filing is online and can be done anytime hence public holidays no longer should be a cause of concern- this was a 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 you should not await ITR submitting due date
Advising taxpayers to not await the final date of ITR submitting for AY 2022-23, Sujit Bangar, Founder at Taxbuddy.com mentioned, “On 31st July being bank holiday, this may be an issue. Due to heavy load, there are instances of income tax portal having some issues on last day.” He mentioned that because of financial institution vacation, internet banking might not work as easy as it really works on working days. So, it is higher to file ITR as quickly as doable moderately ready for the final date of ITR submitting.”
“The penalties of late submitting are very sever. One has to pay penalty for submitting late return and if there’s loss, it can’t be carried ahead. If you pay tax after thirty first July, there can be separate penal curiosity of 1% per thirty days. Therefore, it’s advisable to file earnings tax return with none additional delay,” Bangar said.
Due date for filing income tax return for salaried individuals and for non audit businesses is 31st July 2022. There is a buzz about probable extension or non extension of this due date. Many are postponing their decision of filing income tax return day by day. This year due date for filing has come on Sunday and it’s bank holiday also. Many times we face problem in payment of taxes.
See income tax department tweet below:
It has been seen that taxpayers are going through points in accessing ITD e-filing portal. As knowledgeable by @Infosys, they’ve noticed some irregular visitors on the portal for which proactive measures are being taken. Some customers could also be inconvenienced, which is regretted.
— Income Tax India (@IncomeTaxIndia) July 2, 2022
Taxpayers may have to go to financial institution department
SEBI registered tax and funding professional Jitendra Solanki mentioned, “A taxpayer may pay income tax through bank challans. In case of non availability of online banking, the taxpayer will have to visit bank branch and pay income tax via challan. The taxpayer also requires Form 16 from its bank that may be or may not be 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.”
Pankaj Mathpal, MD & CEO at Optima Money Managers mentioned, “Even if the due date for ITR submitting had been a working day, I’d advise taxpayers to get the financial institution challan work a lot earlier than the due date as a result of it takes time to get the financial institution challan quantity.”
Pankaj Mathpal additionally suggested taxpayers to make sure concerning the AIS (Annual Information Summary) as a result of mismatch with AIS might result in earnings tax discover even after you file your ITR inside the given due date for ITR submitting.
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