Filing ITR for first time? Here are the top tips by finance guru Akshat Shrivastava

The last date for filing the income tax year (ITR) for the assessment year 2022-23 (AY 22-23) is July 31, 2022.

New Delhi: The last date for filing the income tax return (ITR) for the assessment year 2022-23 (AY 22-23) is July 31, 2022. Taxpayers are required to file returns on time or otherwise they could face a monetary penalty. For first-time filers of ITR, getting things done without any hiccups could be tough. For such taxpayers, Akshat Shrivastava, a popular YouTube content creator who is simplifying all things finance, has some pieces of advice. 

Speaking to Zee News English, Shrivastava said that taxpayers should file their taxes on time. Missing the ITR filing deadline could lead to fines. For instance, under the Income Tax Act of 1961's Section 234F, a fine of Rs 5,000 is imposed for missing the last date for filing ITR.

However, for small taxpayers earning up to Rs 5 lakh in a fiscal year, the fine is not more than Rs 1,000. Taxpayers are required to pay the fine first before filing the belated ITR. 

Shrivastava said that first-time filers of ITR should hire a chartered accountant (CA), instead of trying to submit the returns themselves. According to him, a professional could help them save more money, especially if they are making decent money. Also, CAs could help them optimise taxes, he added.  

Another piece of advice from Shrivastava to ITR filers is that they should plan things ahead of time. He suggests that taxpayers should not delay the process to the last day, as they can take advantage of multiple tax-saving options to save more. 

Last but not the least, Shrivastava noted that taxpayers can use online platforms that help in filing ITRs, only if their tax filing is simple. On such platforms, taxpayers simply have to upload their documents to file their ITRs. Such sites and apps are affordable and can help make filing ITR much simpler.