New Delhi: The final date for submitting the revenue tax return (ITR) for the evaluation 12 months 2022-23 (AY 22-23) is July 31, 2022. Taxpayers are required to file returns on time or in any other case they may face a financial penalty . For first-time filers of ITR, getting issues achieved with none hiccups could possibly be powerful. For such taxpayers, Akshat Shrivastava, a well-liked YouTube content material creator who’s simplifying all issues finance, has some items of recommendation.
Speaking to Zee News English, Shrivastava stated that taxpayers ought to file their taxes on time. Missing the ITR submitting deadline may result in fines. For occasion, beneath the Income Tax Act of 1961’s Section 234F, a superb 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)
However, for small taxpayers incomes as much as Rs 5 lakh in a fiscal 12 months, the superb just isn’t greater than Rs 1,000. Taxpayers are required to pay the superb first earlier than submitting the belated ITR. (ALSO READ: Bank Holidays in August 2022: Check essential dates earlier than visiting financial institution department)
Shrivastava stated that first-time filers of ITR ought to rent a chartered accountant (CA), as an alternative of making an attempt to submit the returns themselves. According to him, knowledgeable may assist them save extra money, particularly if they’re making first rate cash. Also, CAs may assist them optimize taxes, he added.
Another 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 benefit from a number of tax-saving choices to avoid wasting extra.
Last however not the least, Shrivastava famous that taxpayers can use on-line platforms that assist in submitting ITRs, provided that their tax submitting is easy. On such platforms, taxpayers merely must add their paperwork to file their ITRs. Such websites and apps are reasonably priced and will help make submitting ITR a lot less complicated.