New Delhi: The last date for filing income tax returns (ITR) for the financial year 2021-22 (FY22) is now very near. If you haven't filed an ITR yet, get it done as soon as possible without delay. Filing an ITR can prove to be a lucrative deal in many cases. At the same time, not filing ITR on time can create problems for you. The last date to file the ITR is July 31, 2022. That is, now you have only four days left for counting to file your ITR.
The Income Tax Department has reported that more than 3 crore people have filed ITR so far. However, by July 31, about 7 crore ITR files are to be filed. In such a situation, if about 4.5 crore people file returns in the last days, the load on the return filing portal may increase and the system may slow down. To avoid such problems, it is necessary that you file the return now without delay. Tax experts also say that one should not wait for the last date to file the return.
There are many advantages of filing ITR on time. If your refund is made, the sooner you submit the ITR, the sooner the refund will come into your account. In addition, mistakes are usually made when you file returns on the last date. You can avoid this by filing the return on time. Filing of ITR after the deadline may result in paying a penalty. Filing of return after the deadline will draw a late fee of Rs 1,000 for an income of Rs 5 lakh or less. The late fee on income above Rs 5 lakh will be Rs 5,000. This amount can go up to Rs.10,000.
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