Ideally, the last date to file Income Tax Return on time is 31st of July every year. However, government has given a second chance to tax payers to do their taxes. The extension has come in the wake of strike by public sector banks which occurred on 29th of July and the last day of filing taxes falling on a Sunday. The Income Tax Department has given 5 more days to tax payers to file their return by moving the due date from July 31 to August 5 for current A.Y. Tax payers of Jammu & Kashmir have been granted time till 31st of August.
This is a golden opportunity for all the procrastinators who were struggling with their ITR on the eleventh hour. No need to do your taxes haphazardly now, but be wary of the fact that you are very less likely to get a third chance.
If you are still wondering whether you should file your taxes or not, then let us tell you that it has several advantages. Your ITR acts as the most valid proof of your income. It is a must have document while applying for a loan and visa. Click here to know more about the importance of filing taxes.
Though filing taxes is advantageous, non-filing or filing late can open the Pandora’s Box in your life. Taxman can prosecute and penalize you if you don’t deal with your taxes on time. You also lose interest paid by tax department on your refunds. Other than these, there are several other disadvantages on which you can read our blog post here.
Take this opportunity as the last chance to file your ITR on time for this A.Y. If you need any assistance in dealing with your taxes, you can get help online by using our expert assisted tax filing service.
Happy tax filing!