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Today is the last day for filing income tax for this financial year. In case, you fail to complete the procedure by Thursday, you will end up being a non-filer and would be required to pay a Tax Deducted at Source (TDS).
The first thing that taxpayers must keep in mind is to check the Annual Information Statement (AIS) or 26 AS for the AssessmentYear (AY) 2021-22. This is to confirm whether they need to file ITR for AY 2021-22 or not.
If you fail to file ITR for AY 2021-22, then the TDS rate applicable might increase. The income tax department has explicitly said that “Not filing ITR can result in higher TDS next year."
In case, you miss today's date, you might not get the refund (if due).
However, if you have failed to complete the procedure, you can still do it by paying a late payment fee.
The income tax department has also reminded us that today is also the last date for linking Aadhaar with PAN. Taxpayers need to link Aadhaar with PAN in order to avoid penalty up to ₹1,000.
"Your contribution strengthens the safety & prosperity of the nation, enabling development in education, health and infrastructure," the Income Tax Department said.
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