Income Tax Returns: July 31 deadline is a bank holiday; here's what to do

As the deadline for filing ITR this year is falling on a Sunday (31st July), which will be a bank holiday across India, It is advisable for individuals to file their ITR before the deadline and not wait till the last minute.

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.

Also read/watch| Jet Airways ready for take-off in just a month

However, due to the last-minute rush, it is very likely that the portal could face technical issues.

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.