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What does this mean for the July 31 deadline to file ITRs?

Although the ITR deadline falls on a bank holiday, it does not necessarily mean that taxpayers will not be able to file their returns. However, it does indicate that the returns can not be submitted in person. The portal may experience technical difficulties due to the rush. Online services may not be as smooth on weekends due to bank holidays.

The last day to file your Income tax returns is less than a week away. Because it falls on a Sunday this year, banks will be closed that day. Ideally, salaried people should not wait until the deadline to file their ITR, even if the bank holiday isn’t over. They should do it before the last day.

Although the ITR deadline falls on a bank holiday, it does not necessarily mean that taxpayers will not be able to file their returns. However, it does indicate that they cannot submit physical returns. The portal may experience technical difficulties due to the rush. Online services may not be as smooth on weekends due to bank holiday.

 What should a bank do to ensure ITR filing is completed?   

Online banking options may not be available for the taxpayer, so the bank’s role is more significant. In order to pay income taxes via challan, the taxpayer will need to visit a Bank. A 16A form, which is a.e. tax deducted at source, can be obtained by visiting a bank. TDS Certificate – This certificate may or not be online.

Individuals have just a few more days to file the ITR. This means that they must be patient and submit their returns quickly on the income tax portal. Failure to do so will result in a penalty.

Late submission of ITR

For late submissions, Rs 5000 will be charged if the total income must be reported exceeds Rs 5. lakh. A fine of Rs 1000 can be imposed if the annual income of the victim is less than Rs 5. lakh.

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