ITR filing last date is holiday for banks. Key things taxpayers should know

ITR filing last date: The last date to file Income Tax Return is July 31 which is Sunday. Sunday is a holiday which means that banks will be closed on that day for the public. 

However, salaried individuals should not wait till the last date and submit their returns before the deadline. Even if you miss the deadline, the government allows you to file ITR. It will be tagged as belated submission and the taxpayer will have to pay interest and a late fee for declaring return beyond July 31.

A bank’s role is important for ITR filing. If online banking services are unavailable, then the taxpayers will have to visit the bank to pay income tax via challan. 

Another reason for which a taxpayer will have to visit the bank is to avail Form 16A -tax deducted at source or TDS certificate, which may or may not be available online. Therefore, it is suggested to complete the process to file ITR before July 31.

For now, there is no official word from the government on whether the last date will be extended and also July 31 will be a working day for banks. Revenue Secretary, however, last dropped hints that the government is unlikely to extend the ITR filing deadline.  

When you file the return at the last moment, the chances of error and also the Income Tax portal facing glitches rise, thus causing inconvenience and further delay.

ITR filing late fees: Avoid missing the due date. As per the rule, individuals filing their ITR after the deadline will have to pay Rs 5,000 as a penalty. The penalty is charged in the form of a late fee. The fine, in case the total income of an assessed person does not exceed Rs 5 lakh, is Rs 1,000.