These days ITR filings are done through an online system that operates around-the-clock throughout the year, which means that it doesn’t matter if the last date falls on a Sunday, a public holiday, or even when banks are closed.
However, it is not advisable to keep it till the last date.
Why you shouldn’t wait till the last date
Even though everything is available online nowadays, it might so happen that the bank has scheduled maintenance happening on that Sunday, or the Net banking facility is not working or worse, the Internet itself is not working that day. Further, with the new income tax e-filing portal being glitchy this year as well, there is no telling if it will smoothly function on the last day.
When you might have to visit the bank
In cases where a taxpayer is required to pay income tax, using challans like ITNS 280. You have two options for paying the tax: online or in person at the bank with a signed challan. If your online banking options are unavailable, you will have to visit the branch to make your payment. Another reason to visit the bank would be to get your Form 16A, i.e., your TDS certificate. If for any reason you cannot get it online, you will have to visit the branch.
However, since July 31 is Sunday, banks will be closed.
Even though everything is online, it is better to do it beforehand.
It is better to avoid last-minute stress and errors, and e-filing website failures are typical.
According to the Income Tax department’s tweet, It has been noticed that taxpayers are facing issues in accessing the ITD e-filing portal. As informed by
, they have observed some irregular traffic on the portal for which proactive measures are being taken. Some users may be inconvenienced, which is regretted.
It has been noticed that taxpayers are facing issues in accessing ITD e-filing portal. As informed by @Infosys, the… https://t.co/CBYAPPBJkL
— Income Tax India (@IncomeTaxIndia) 1656762812000
What happens if you fail to file ITR by July 31
Taxpayers who miss the July 31 deadline, can file a belated return by paying a penalty.
As per the current income tax laws, a late filing fee of up to Rs 5,000 is levied if belated ITR is filed. However, for small taxpayers late filing fee is of Rs 1,000 if the taxable income does not exceed Rs 5 lakh. The late filing fee is levied under section 234F of the Income-tax Act, 1961. Do note that this late filing fee must be paid before the belated ITR is filed.
The last date to file a belated return is December 31, 2022.