New Delhi. The last date for filing income tax returns for the financial year 2021-22 is very near now. If you have not yet filed ITR, then do this work without delay. Filing ITR can prove beneficial for you in many cases. At the same time, not filing ITR on time can prove to be a problem. The last day to file ITR is 31st July 2022. Meaning, you have only four days left to count for filing ITR.
Fill it before the last date
The Income Tax Department has told that so far more than 3 crore people have filed returns. However, by July 31, around 7 crore ITRs are to be filed. In such a situation, if about 4.5 crore people file returns on the last date, then the problem of load on the return filing portal may increase and the system may become slow. To avoid such problems, it is necessary that you file your return without delay. Tax experts also say that one should not wait for the last date to file returns.
Delay will attract fine
If your refund is made, the sooner you file the income tax return, the sooner the refund will be credited to your account. Also, filing returns on the last date often leads to mistakes. You can avoid this by filing your return on time. Filing of ITR after the deadline may attract penalty. For filing returns after the deadline, a late fee of Rs 1,000 will be levied on income of Rs 5 lakh or less. Late fee for income above Rs 5 lakh will be Rs 5000. This amount can increase up to Rs 10,000.