Filing of Income Tax Return: The deadline for filing ITR for assessment year 2022-23 is approaching. It should be noted that the government has no plans to extend the ITR filing deadline from July 31. Hence, it is important to ensure that you file your ITR on or before the due date to avoid penalties. To encourage savings and investment among taxpayers, the IT department provides various deductions from taxable income. A taxpayer is required to report his income from other sources in ITR. They also include investments in life insurance policies. However, if you are filing ITR, note these tax benefits on your insurance policies.