ITR filing deadline, July 31, is a bank holiday, what does this mean?

The deadline of filing ITR falling coinciding with a bank holiday does not mean that taxpayers can not file their returns but only implies that the returns cannot be submitted physically. However, due to the last-minute rush, it is very likely that the portal could face technical issues. Also, due to bank holiday, online services may not work smoothly as these do on weekdays.

ET Now Digital

Updated Jul 25, 2022, 07:00 IST

Tax return filing

Photo : BCCL

With less than a week left to file Income tax returns, this year the last date of filing ITR is falling on a Sunday, which means that banks will be closed on that day. Ideally, salaried individuals should not wait till the deadline to file their ITR even if it is not a bank holiday and should do it well before the last day.

What does a bank has to do in ITR filing?

A bank’s role gains significance if online banking options are unavailable for then the 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.

As a few days are still left to file the ITR, individuals must buckle up and quickly submit their returns on the income tax portal and if they fail to do so in time, they will have to face a penalty.

Late filing of ITR

If the total amount of income that must be reported exceeds Rs 5 lakh, a Rs 5000 penalty will be assessed for the late submission of forms. The fine is up to Rs 1,000 if the person's total annual income is less than Rs 5 lakh.

Latest News