The Finance Secretary has clearly said in the past that at present no consideration is being taken to extend the last time for filing income tax returns. In such a situation, you will have to file the return by the stipulated deadline 31 July. Now the difficulty is that the last day is falling on Sunday and banks will also remain closed.
New Delhi. The Income Tax Department is continuously appealing to file the return of the financial year 2021-22 at the earliest. The Finance Secretary has also indicated not to extend the deadline for filing returns this time. At the same time, he has said that on the last day i.e. 31st July, about 1 crore taxpayers are estimated to file ITR.
The last day of filing returns i.e. 31st July is falling on a Sunday and banks will also remain closed. In such a situation, the question must have arisen in the minds of lakhs of taxpayers whether it will have any effect on filing their returns. The answer is no, because now the Income Tax Department gives the facility of filing returns 24x7x365 days. By the way, it would be better to file your return before the last due date.
Problem came before
Income tax experts say that now the entire process of filing returns has become online. Therefore, it is not affected by any holiday or bank closure. This used to happen earlier, when the process of filling ITR was completed manually. However, the ideal situation would be that the taxpayer should not wait for the last minute to file his return. On the last day a large number of people will visit the portal and this may cause internet slowdown.
The effect of bank closure will be
Another tax expert says that although holidays do not have a direct impact on ITR, net banking will not run as fast as it runs during working days due to the closure of the bank. The portal of the Income Tax Department may also slow down on this day, as the department has already spoken about technical flaws. In such a situation, it would be better that the taxpayers do not wait for the last day to file the return.
If you miss filing the return that problems will arise. After July 31, the person filing the return will have to pay a fine of 1 percent every month till the completion of his work. Apart from this, if tax is deducted on you at the time of return, then its payment may also be difficult due to the closure of the bank.
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Bank branch will also have to be visited
If you do not have online banking, then you will have to submit a bank challan to make your tax payment and this work can be completed only by visiting the bank branch. Apart from this, you may also have to go to the bank branch for Form 16. If you want to do this work on the last day, then it will not be possible due to the closure of the bank. So it would be better if you do not wait for the last minute. Even if the last day of filing ITR was not a holiday, the taxpayer should collect the bank challan in advance as it takes time to get the number.
