Income Tax Return Filing Last Date for AY 2022-23: The ITR submitting deadline for FY 2021-2022 is July 31 for taxpayers whose accounts don’t have to be audited. It has been noticed that a lot of taxpayers wait until the due date to file their ITRs. However, the last-minute trouble usually leads to incorrect submitting Hence, consultants advise taxpayers to keep away from the last-minute rush and full ITR submitting as early as doable.
It is claimed that the sooner you file ITR, the extra you’ll be able to chill out. The ITR submitting for AY 2022-23 is now accessible on the e-filing portal.
Early filers additionally get early refunds and keep away from extra curiosity, if relevant, underneath varied sections.
“One should not wait for the date extension to file the ITR. Taxpayers should file the ITR as soon as possible to get a quick refund & in order to avoid interest under sections 234 A, B & C and late filing fees u/s 234F,” Abhishek Soni, CEO and Co-Founder of Tax2win advised FE Online.
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If for some motive, the taxpayer fails to file ITR earlier than the deadline then he has to pay 1% monthly further curiosity on relevant tax. Besides, a late submitting price additionally turns into relevant to such late filers.
“When it’s about filing the income tax return, it is earlier is better. We should never wait till the last date for filing of the income tax return. There may be many last-minute challenges. For example, site getting crashed or tax payment related issues etc,” Sujit Bangar, Founder of Taxbuddy.com, stated.
“Due to any such issues, if ITR filing gets missed, it has serious consequences like extra 1% per month interest on tax payable and not able to carry forward losses etc,” he added.
What if full TDS shouldn’t be reflecting in Form 26AS
In case full TDS shouldn’t be mirrored in kind 26AS then the taxpayer ought to anticipate a while or attain out to the dedicator to file ITR earlier than the deadline.
“There are some cases where 26AS is not reflecting full TDS till now. In such cases, we should wait for some time and reach out to the deductor. Once TDS is updated in Form 26AS, we can file later before 31st July,” stated Bangar.