New Delhi: The final date for submitting the revenue tax return (ITR) for the evaluation yr 2022-23 (AY 22-23) is July 31, 2022. Taxpayers are required to file returns on time or in any other case they might face a financial penalty. For first-time filers of ITR, getting issues finished with none hiccups may very well be powerful. For such taxpayers, Akshat Shrivastava, a preferred YouTube content material creator who’s simplifying all issues finance, has some items of recommendation.
Chatting with Zee Information English, Shrivastava mentioned that taxpayers ought to file their taxes on time. Lacking the ITR submitting deadline might result in fines. As an example, underneath the Revenue Tax Act of 1961’s Part 234F, a effective of Rs 5,000 is imposed for lacking the final date for submitting ITR. (ALSO READ: Sensex soars 1,041 factors, Nifty nears 17,000 as bulls regain footing)
Nevertheless, for small taxpayers incomes as much as Rs 5 lakh in a fiscal yr, the effective is just not greater than Rs 1,000. Taxpayers are required to pay the effective first earlier than submitting the belated ITR. (ALSO READ: Financial institution Holidays in August 2022: Test necessary dates earlier than visiting financial institution department)
Shrivastava mentioned that first-time filers of ITR ought to rent a chartered accountant (CA), as a substitute of attempting to submit the returns themselves. In response to him, knowledgeable might assist them save more cash, particularly if they’re making first rate cash. Additionally, CAs might assist them optimise taxes, he added.
One other piece of recommendation from Shrivastava to ITR filers is that they need to plan issues forward of time. He means that taxpayers shouldn’t delay the method to the final day, as they will make the most of a number of tax-saving choices to avoid wasting extra.
Final however not the least, Shrivastava famous that taxpayers can use on-line platforms that assist in submitting ITRs, provided that their tax submitting is straightforward. On such platforms, taxpayers merely must add their paperwork to file their ITRs. Such websites and apps are inexpensive and may help make submitting ITR a lot less complicated.