ITR submitting for AY 2022-23: Due date for revenue tax return (ITR) submitting for FY 2021-22 or AY 2022-23 is thirty first July 2022. These incomes people, who fail to file their revenue tax return by the given due date, must pay late charge 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. Nonetheless, there’s a catch within the ITR submitting final date. thirty first July is Sunday, which shall be a financial institution vacation. So, taxpayers who does not have a protracted expertise of ITR submitting shouldn’t get confused with financial institution vacation and ITR submitting final date as a result of now a day revenue tax return will be filed 24x7x365. Nonetheless, it’s advisable for the incomes people that they should not look ahead to the due date of ITR submitting.
Advising taxpayers to not get confused with financial institution holidays and ITR submitting final date, Aarti Raote, Associate at Deloitte India mentioned, “ITR submitting is on-line and will be achieved anytime therefore public holidays now not must be a reason behind concern- this was a difficulty within the days of handbook submitting. This being mentioned it is preferrred to not wait until the final date of submitting to keep away from the heavy web visitors when programs might get jammed.”
Why you should not look ahead to ITR submitting due date
Advising taxpayers to not look ahead to the final date of ITR submitting for AY 2022-23, Sujit Bangar, Founder at Taxbuddy.com mentioned, “On thirty first July being financial institution vacation, this can be a difficulty. As a result of heavy load, there are cases of revenue tax portal having some points on final day.” He mentioned that as a result of financial institution vacation, internet banking might not work as clean as it really works on working days. So, it is higher to file ITR as quickly as attainable reasonably ready for the final date of ITR submitting.”
“The results 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 happen to pay tax after thirty first July, there could be separate penal curiosity of 1% monthly. Due to this fact, it’s advisable to file revenue tax return with none additional delay,” Bangar mentioned.
Due date for submitting revenue tax return for salaried people and for non audit companies is thirty first July 2022. There’s a buzz about possible extension or non extension of this due date. Many are suspending their choice of submitting revenue tax return day-to-day. This yr due date for submitting has come on Sunday and it’s financial institution vacation additionally. Many instances we face downside in cost of taxes.
See revenue tax division tweet beneath:
Taxpayers might have to go to financial institution department
SEBI registered tax and funding professional Jitendra Solanki mentioned, “A taxpayer might pay revenue tax by financial institution challans. In case of non availability of on-line banking, the taxpayer must go to financial institution department and pay revenue tax through challan. The taxpayer additionally requires Kind 16 from its financial institution that could be or will not be fished out by internet banking. So, in that case as properly, the taxpayer shall be required to go to its financial institution department. So, one shouldn’t look ahead to the final date of ITR submitting.”
Pankaj Mathpal, MD & CEO at Optima Cash Managers mentioned, “Even when 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 Data Abstract) as a result of mismatch with AIS might result in revenue tax discover even after you file your ITR inside the given due date for ITR submitting.
Obtain The Mint Information App to get Every day Market Updates.
Extra
Much less
Supply: Live Mint