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Simply Save | Why you must file your income-tax returns by July 31

Giving income tax return-filing a miss could invite notices from the tax department, while delayed filing will attract penalties

July 22, 2022 / 01:32 PM IST

The due date for filing income tax returns for the financial year 2021-22 (assessment year 2022-23) – July 31 – is nearly here.

If you have not completed this annual exercise already, you have no time to lose. You will have to commence the process right away, but before that you must understand why it is necessary to file returns, and equally importantly, complete the exercise on time.

While the window until December 31, 2022 is available for later-filers, it comes at a steep cost – penalty of Rs 5,000, which is restricted to Rs 1,000 if your total income is less than Rs 5 lakh.