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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.
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.

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

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

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.&nbsp;
The deadline of filing <a href="https://www.editorji.com/business-news/income-tax-return-which-itr-form-to-choose-1658833393445">ITR</a> 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| <a title="Jet Airways ready for take-off in just a month" href="https://www.editorji.com/business-news/jet-airways-ready-for-take-off-in-just-a-month-1658907379141">Jet Airways ready for take-off in just a month</a>
However, due to the last-minute rush, it is very likely that the portal could face technical issues.
Late filing of ITR &nbsp; 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.

Income tax return filing deadline has been extended once again by the Finance Ministry. As per a release by the Central Board of Direct Taxes (CBDT) tax payers now have upto March 15 to file their income tax returns. 
The extension has come after various taxpayers have asked the tax department and finance ministry to extend dates due to rising coronavirus cases and issues in new income tax portal as the release. Chartered accountants' apex body ICAI has sought time till March 31 for filing tax audit reports without penalties, citing the coronavirus pandemic situation and "consistent technical glitches" being faced in using the new I-T portal.The new e-filing portal www.incometax.gov.in, was launched on June 7 and is managed by Infosys. It had a bumpy start since the day of its launch, with taxpayers and professionals reporting glitches and difficulties in its functioning. The FM had met with Infosys management on December 17 who had assured that all issues had been resolved.

Govt extends deadline to file income tax returns to March 15

Income tax return filing deadline has been extended once again by the Finance Ministry. As per a release by the Central Board of Direct Taxes (CBDT) tax payers now have upto March 15 to file their income tax returns. 

ITR filing deadline extended

Income tax return filing deadline has been extended once again by the Finance Ministry. As per a release by the Central Board of Direct Taxes (CBDT) tax payers now have upto&nbsp;March 15 to file their income tax returns.&nbsp;
The extension has come after various taxpayers have asked the tax department and finance ministry to extend dates due to rising coronavirus cases and issues in new income tax portal as the release.&nbsp;
Chartered accountants' apex body&nbsp;ICAI&nbsp;has sought time till March 31 for filing tax audit reports without penalties, citing the coronavirus pandemic situation and "consistent technical glitches" being faced in using the new I-T portal.
The new e-filing portal&nbsp;www.incometax.gov.in, was launched on June 7 and is managed by Infosys.&nbsp;It had a bumpy start since the day of its launch, with taxpayers and professionals reporting glitches and difficulties in its functioning. The FM had met with Infosys&nbsp;management on December 17 who had assured that all issues had been resolved.

ITR filing, tax audit report deadlines extended by CBDT

Income tax return filing deadline has been extended once again by the Finance Ministry. As per a release by the Central Board of Direct Taxes (CBDT) tax payers now have upto&nbsp;March 15 to file their income tax returns.&nbsp;
The extension has come after various taxpayers have asked the tax department and finance ministry to extend dates due to rising coronavirus cases and issues in new income tax portal as the release.&nbsp; Chartered accountants' apex body&nbsp;ICAI&nbsp;has sought time till March 31 for filing tax audit reports without penalties, citing the coronavirus pandemic situation and "consistent technical glitches" being faced in using the new I-T portal. The new e-filing portal&nbsp;www.incometax.gov.in, was launched on June 7 and is managed by Infosys.&nbsp;It had a bumpy start since the day of its launch, with taxpayers and professionals reporting glitches and difficulties in its functioning. The FM had met with Infosys&nbsp;management on December 17 who had assured that all issues had been resolved.
ALSO WATCH:&nbsp;<a href="https://www.editorji.com/business-news/economy/gst-rates-rules-and-other-changes-that-take-effect-from-from-january-1-1640835426573">GST rates, rules and other changes that take effect from January 1</a>

Filing Income Tax Returns: Your income tax returns for the financial year April 2020 - March 2021 needs to be filed by the end of this year. 

Filing Income Tax Returns: 5 mistakes that you should avoid while filing income tax returns

As the last date for filing ITR approaches, here are the major mistakes that can be easily avoided while filing income tax returns: 

Time for Tax! EJ Biz tells you how to mind your money better

Filing Income Tax Returns: The deadline to file an income tax return (ITR) for FY 2020-2021 is December 31

Filing Income Tax Returns: Your income tax returns for the financial year April 2020 - March 2021 needs to be filed by the end of this year. As the deadline approaches EJ Biz put together the Dos and also the Do Nots&nbsp;for your tax filings. Also watch |&nbsp;<a title="Paytm posed question on profitability again as losses widen, Brokerages sound caution" href="https://www.editorji.com/business-news/markets/paytm-posed-question-on-profitability-again-as-losses-widen-brokerages-sound-caution-1638158274977">Paytm posed question on profitability again as losses widen, Brokerages sound caution</a> 
1. Mark the day - December 31&nbsp; This year, because of the second wave of the Covid&nbsp;pandemic, the deadline for filing returns has been extended to Dec 31 2021. But, if you do not file your Income Tax Returns (ITR) by this due date, you have to incur penalties such as:
<ul>
<li>Late filing fee of up to Rs. 10,000</li>
<li>Penal interest rate of 1% per month will be charged on any unpaid taxes</li>
<li>Delay in receiving a refund on any excess tax paid</li>
</ul>
2. Choose the form wisely The choice of ITR form you need to use depends primarily on your sources of income. For example, if you are a salaried individual, you can file returns using ITR Form 1. But in case you are salaried and have income from capital gains from investments, you will need to use ITR Form 2. On the other hand, if you are self-employed and have income from the profits of a business, you will need to file your returns using ITR Form 3. 3. Details for refund bank account As the income tax department in most of the cases remits the income tax refund in the bank account directly, it is important for you to ensure that the bank details opted for credit of the income tax refund are correct. 4. Don't forget to report your side income Large monetary gifts to lottery luck all such winnings are liable to flat rate of tax at 30% without any basic exemption limit. In such a case the payer of prize money will generally deduct tax at source (i.e., TDS) from the winnings and will pay you only the balance amount. 5. Foreign bank accounts in case you are a resident In case you have an account in foreign banks, then you need to share the details of the same while filing ITR. Taxpayers need to share the details in the ITR 2 form to share the details.

income tax returns

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