The ITR submission deadline, July 31, is a public holiday, what does this mean?


Photo: BCCL

With less than a week to file tax returns, this year’s last RTI filing date falls on a Sunday, meaning banks will be closed on that day. Ideally, salaried persons should not wait for the deadline to file their ITR even if it is not a statutory holiday and should do so well before the last day.

The ITR filing deadline falling on a public holiday does not mean that taxpayers cannot file their returns, but only implies that returns cannot be physically submitted. However, due to the last minute rush, it is very likely that the portal will experience technical issues. Also, due to public holidays, online services may not function properly as they do on weekdays.

What should a bank do in RTI deposit?

Related News

RTI filing Done with filing your return Did you know that these 5 types of RTI filing status

Filing of RTI: are you done with filing your return? Did you know these 5 types of ITR filing status?

Aaykar Diwas Income tax was levied as a fee for the first time this year

Aaykar Diwas: Income tax was collected as a fee for the first time this year

The role of a bank gains in importance if online banking options are not available, as the taxpayer will then have to go to a bank to pay income tax via challan. Another reason to visit the bank is to avail of Form 16A, i.e. Tax Withheld at Source (TDS) Certificate, which may or may not be available online.

As there are still a few days left to produce the ITR, individuals must buckle up and file their returns quickly on the tax portal and if they do not do so in time, they will face a penalty.

Late filing of the ITR

If the total amount of income to be declared exceeds Rs 5 lakh, a penalty of Rs 5000 will be imposed for late submission of forms. The fine can be up to Rs 1,000 if the person’s total annual income is less than Rs 5 lakh.


About Author

Comments are closed.