scorecardresearch

Waiting for ITR filing last date extension? Know benefits of filing Income Tax Return before deadline

Income Tax Return Filing Last Date for AY 2022-23: The ITR filing deadline for FY 2021-2022 is July 31 for taxpayers whose accounts don’t need to be audited.

Waiting for ITR filing last date extension? Know benefits of filing Income Tax Return before deadline
ITR filing deadline is July 31 for individuals and HUF whose accounts don't need to be audited. Representative image

Income Tax Return Filing Last Date for AY 2022-23: The ITR filing deadline for FY 2021-2022 is July 31 for taxpayers whose accounts don’t need to be audited. It has been observed that a large number of taxpayers wait till the due date to file their ITRs. However, the last-minute hassle often results in incorrect filing Hence, experts advise taxpayers to avoid the last-minute rush and complete ITR filing as early as possible.

It is said that the earlier you file ITR, the more you can relax. The ITR filing for AY 2022-23 is now available on the e-filing portal.

Early filers also get early refunds and avoid additional interest, if applicable, under various sections.

“One should not wait for the date extension to file the ITR. Taxpayers should file the ITR as soon as possible to get a quick refund & in order to avoid interest under sections 234 A, B & C and late filing fees u/s 234F,”  Abhishek Soni, CEO and Co-Founder of Tax2win told FE Online.

ALSO READ | All you need to know about ITR filing due date

If for some reason, the taxpayer fails to file ITR before the deadline then he has to pay 1% per month extra interest on applicable tax. Besides, a late filing fee also becomes applicable to such late filers.

“When it’s about filing the income tax return, it is earlier is better. We should never wait till the last date for filing of the income tax return. There may be many last-minute challenges. For example, site getting crashed or tax payment related issues etc,” Sujit Bangar, Founder of Taxbuddy, said.

“Due to any such issues, if ITR filing gets missed, it has serious consequences like extra 1% per month interest on tax payable and not able to carry forward losses etc,” he added.

What if full TDS is not reflecting in Form 26AS

In case full TDS is not reflected in form 26AS then the taxpayer should wait for some time or reach out to the dedicator to file ITR before the deadline.

“There are some cases where 26AS is not reflecting full TDS till now. In such cases, we should wait for some time and reach out to the deductor. Once TDS is updated in Form 26AS, we can file later before 31st July,” said Bangar.

Get live Share Market updates and latest India News and business news on Financial Express. Download Financial Express App for latest business news.