Adult life in India includes filing income taxes, and one significant day every citizen should keep in mind is tax day. Whether from investments, company, or a job, your income—from whatever source—is something you cannot overlook.
For what is Tax Day?
The latest date you have to submit your Income Tax Return (ITR) for the financial year is Tax Day. For most people in India, this normally falls on July 31st every year; unless the government extends this.
Why Tax Day Matters
Late fines and costs might follow from missing tax day.
- Lack of interest in return policies
- Issues with visa or loan application
- Problems involving tax officials
Who Should File Before Tax Day?
If you make more than ₹2.5 lakh annually—the basic exemption limit—you should file your ITR before tax day.
- You wish to pursue a refund.
- Your assets or income originate from abroad.
- You make money via business, real estate, or freelancing.
Guidelines for File Before Tax Day
It’s simpler than ever to file your ITR. These are the steps:
- Get your paperwork: Form 16, bank information, investment evidence
- Visit the e-Filing portal Income Tax India.
- Select the relevant ITR form.
- Record your income information and deductions.
- Check and send before to tax day.
Advice for Steering Clear of Last-Minute Rush
- Don’t wait till last week of July.
- Early filing helps to fix any mistakes.
- See CA for clarification if you are unsure.
- Save your slip for recognition.
Final Notes
Tax day is your opportunity to remain on the proper side of the law and maybe save money with refunds and deductions, not only a deadline. Mark your calendar and file early to prevent last-minute worry.
