It is seen that most of the taxpayers wait for the last date to file ITR. Such people often make mistakes at the last minute due to haste.
Income Tax Return Filing Last Date for AY 2022-23: The last date to file Income Tax Return (ITR) for the financial year 2021-2022 or assessment year 2022-23 is July 31. It is seen that most of the taxpayers wait till the last date to file their ITR. Such taxpayers often make mistakes due to last minute rush. Experts say that taxpayers should never wait for the last date to file ITR and should file ITR as soon as possible.
You can file income tax return for the assessment year 2022-23 on the e-filing portal. Early filers get an early refund and can avoid additional interest (if applicable) under different sections.
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What do experts say
- Abhishek Soni, Co-Founder and CEO, Tax2win says, “One should not wait for the last date to go ahead for filing ITR. Taxpayers should file ITR at the earliest to get early refund and avoid interest u/s 234A, B&C and late filing fee u/s 234F.
- If for any reason the taxpayer fails to file ITR before the deadline, he will have to pay additional interest @ 1% per month on applicable tax. Apart from this, late filers also have to pay late filing of ITR.
- Sujit Bangar, Founder, Taxbuddy says, “When it comes to filing income tax returns, it is better to be quick. We should never wait till the last date to file Income Tax Return. There can be many problems in the last minute.
- For example, the site may crash or face tax payment issues.” He further said, “If you are not able to file ITR due to any such problem, then it can have serious consequences. For example, additional 1% per month interest on the tax payable.
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What if full TDS is not showing in Form 26AS?
If full TDS is not reflected in Form 26AS, the taxpayer should wait for some time or approach the deductor to file ITR before the deadline. Bangar said, “There are some cases where 26AS is still not showing foot TDS. In such cases we should wait for some time and approach the deductor. Once TDS is updated in Form 26AS, we can later file it before July 31.”
(Article: Rajeev Kumar)
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