Tax Return Filing: The ITR filing deadline for the 2022-23 tax year is approaching. Notably, the government does not plan to extend the ITR filing deadline from July 31. Therefore, it is important to ensure that you file your ITR on time to avoid penalties. To encourage savings and investment by taxpayers, the IT department provides various deductions from taxable income. A taxpayer must give information about his income from other sources in the ITR. It also concerns investments within the framework of life insurance contracts. That said, if you are filing an ITR claim, take note of these tax benefits as part of your insurance policies.