Home / Money / Personal Finance /  ITR filing last date is a bank holiday. Key things that a taxpayer should know

ITR filing for AY 2022-23: Due date for income tax return (ITR) filing for FY 2021-22 or AY 2022-23 is 31st July 2022. Those earning individuals, who fail to file their income tax return by the given due date, will have to pay late fee from 1st August 2022 for filing their I-T return. So, it is advisable for the taxpayers to file their I-T return on time. However, there is a catch in the ITR filing last date. 31st July is Sunday, which will be a bank holiday. So, taxpayers who doesn't have a long experience of ITR filing should not get confused with bank holiday and ITR filing last date because now a day income tax return can be filed 24x7x365. However, it is advisable for the earning individuals that they shouldn't wait for the due date of ITR filing.

Advising taxpayers not to get confused with bank holidays and ITR filing last date, Aarti Raote, Partner at Deloitte India said, "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 shouldn't wait for ITR filing due date

Advising taxpayers not to wait for the last date of ITR filing for AY 2022-23, Sujit Bangar, Founder at Taxbuddy.com said, "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 said that due to bank holiday, net banking may not work as smooth as it works on working days. So, it's better to file ITR as soon as possible rather waiting for the last date of ITR filing."

"The consequences of late filing are very sever. One has to pay penalty for filing late return and if there is loss, it cannot be carried forward. If you pay tax after 31st July, there would be separate penal interest of 1% per month. Therefore, it’s advisable to file income tax return without any further 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:

Taxpayers may need to visit bank branch

SEBI registered tax and investment expert Jitendra Solanki said, "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 said, “Even if the due date for ITR filing had been a working day, I would advise taxpayers to get the bank challan work much before the due date because it takes time to get the bank challan number."

Pankaj Mathpal also advised taxpayers to ensure about the AIS (Annual Information Summary) because mismatch with AIS may lead to income tax notice even after you file your ITR within the given due date for ITR filing.

Asit Manohar
Chief Content Producer at Live Mint Digital Team
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