Last day to file income tax return is a bank holiday: What does this mean?
July 31, the deadline to submit Income tax return (ITR) falls on a Sunday, which means that banks will be closed on that day. However, salaried individuals should not wait till the due date – whether bank holiday or not – to submit their returns, and do it well before the last day, or else they will have to pay a late fee for belated submission of ITR.Also Read: No plan to extend deadline for filing income tax returns, says Revenue SecretaryITR submission deadline day is a Sunday/bank holiday: What does it mean?This only means that returns cannot be submitted physically, though these can be filed through the income tax portal. However, on the last day, it is very likely that the portal will face severe issues due to heavy load. Also, due to bank holiday, online services may not work smoothly as these do on weekdays. Further, internet services may also be affected due to some other issue.Also Read: How to file ITR online? Here’s a step-by-step guideHowever, even if the deadline day is a weekday, one should still close their ITRs well ahead of time to avoid last-minute stress and errors.Role of banks in ITR filingIf online banking options are unavailable, a taxpayer will have to visit a bank to pay income tax via challan. Another reason to visit bank is to avail Form 16A, i.e. tax deducted at source (TDS) certificate, which may or may not be available online. For any other issue arising from absence of internet services, a bank visit becomes essential.Also Read: Senior citizens, under certain conditions, not required to submit returns. Details hereLate filing of ITRIn such a case, a late fee of up to ₹5,000 is levied. If the taxable income is less than ₹5 lakh, a late filing fee of ₹1,000 is levied. The late filing fee is to be paid before payment of belated ITR.The deadline to submit a belated return is December 31, 2022.
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