ITR Filing for financial year 2021-22: Is ITR filing, July 31 a bank holiday? Know what it means

New Delhi: The deadline for filing income tax returns is approaching quickly, and this year it falls on a Sunday. As a result, banks will be closed on that day. Even if it is not a bank holiday, salaried people should file their ITR well in advance of the deadline rather than waiting until it is too late.

The fact that the ITR filing deadline coincides with a bank holiday does not exclude taxpayers from filing their returns; it merely suggests that they cannot be physically delivered. But with the last-minute rush, it is highly possible that the portal may experience technical difficulties. Online services might not operate as smoothly as they normally do on weekdays due to the bank holiday. Read More: ITR Filing for financial year 2021-22: Filing ITR with multiple Form 16? Here’s how to do it

If there are no online banking choices accessible, a bank's function becomes more important because the taxpayer will then need to go to a bank to pay income tax by challan. To obtain Form 16A, or a tax deducted at source (TDS) certificate, which may or may not be available online, is another reason to go to the bank. Read More: ITR Filing for financial year 2021-22: Here's what happens if you don't file income tax returns on July 30

People need to get serious and immediately submit their returns on the income tax portal because there are only a few days left to file the ITR; otherwise, they risk incurring penalties.

For forms that are submitted after the deadline but before the total amount of income that must be reported has exceeded Rs 5 lakh, there will be a Rs 5000 penalty. If the person's yearly gross income is less than Rs 5 lakh, the fine is up to Rs 1,000.