The deadline for submitting an income tax return for the fiscal year 2021-22 (FY22) is quickly approaching. If you have not yet submitted your ITR, complete this task as soon as possible. In many circumstances, filing an ITR can be advantageous.
At the same time, failing to file ITR on time might be a concern. The deadline for filing an ITR (ITR Filing Deadline) is July 31, 2022. That means you only have four days to file your ITR.
According to the Income Tax Department, over 3 crore persons have submitted returns thus far. However, by July 31, around 7 crores ITRs must be filed. If around 4.5 crore people submit returns in the last days, the strain on the return filing portal may grow and the system may become delayed.
To prevent such issues, you must file your return as soon as possible. Tax professionals also feel that one should not wait until the last deadline to file a return.
There are many benefits of filing ITR on time. If your Income Tax Refund is made, then the sooner you file the Income Tax Return, the sooner the refund will come into your account. Apart from this, mistakes often happen when filing returns on the last date.
You can avoid this by filing your return on time. Filing ITR after the deadline may attract a penalty. For filing returns after the deadline, a late fee of Rs 1,000 will be levied on the income of Rs 5 lakh or less. The late fee for income above Rs 5 lakh will be Rs 5,000. This amount can go up to Rs 10,000.
The ITR Submitting Deadline for filing Income Tax Returns is only 4 days away. People anticipate that, as is customary, the government would extend the deadline (ITR Filing Deadline Extension) this year as well. However, the administration has said unequivocally that it is not considering extending the deadline for filing income tax returns at this time.
According to the news agency PTI, the administration would not extend the deadline beyond this point. PTI broke the story by quoting the Revenue Secretary. The revenue secretary, according to PTI, stated that the government is not considering extending the deadline for submitting income tax reports beyond July 31.