Due to Corona epidemic, the period of filing of revised or delayed ITR of FY 2019-20 was extended. However, once again the Central Government has changed the rules under the Finance Bill-2021. Accordingly, if you file late income tax returns, then late April 1, 2021 will have to be paid late.
Under the current rule, taxpayers were free to file their returns for the assessment year by March. At the same time, a fee of Rs 5000 was required to be filled by December and Rs 10,000 by the end of March. But starting in April, the facility will be scrapped. The facility to fill the returns for the last financial year by paying Rs 10,000 across tax payers will not be available till March. This facility will end by December only. The fee for this period will be Rs 5000 only. However, if your income is up to Rs 5 lakh, then you will have to pay a fee of Rs 1,000 only.
Exercise to complete the refund process soon
According to tax experts, this step has been taken to complete the refund process soon. Significantly, the Income Tax Department is making constant efforts to issue refunds at the earliest. The department has also made several changes in this direction. Recently, the department has also imposed a fine of Rs 1000 for not providing the Aadhaar number along with the income tax return.
Notice is also not possible if the return is not filled
According to experts, if you have not filed income tax by the time fixed, then the Income Tax Department can also send notice to you, if it comes to know that you have taxable income. In such cases, you may also have to pay a penalty on the tax amount payable along with the interest for the delayed period. In such a situation, if a taxpayer has taxable income, but does not file the return, then the latter can be difficult.
Tax evasion will be difficult
Till now, taxpayers did not disclose about stock trading or mutual fund investment for tax avoidance or other reasons. Now the Income Tax Department officials will get information about these things directly from your brokerage house, AMC or post office, so it will be difficult for the taxpayer to hide information about the source of his income and investment.
Who will give your information
Under Section 114E of the Income Tax, the amount deposited in the savings scheme comes under the Special Fund Transfer (SFT). This means that if an investor has made a profit by selling mutual funds, the fund houses will send his account information to the Income Tax Department. The income tax department will also provide information about the interest received on the deposits in the savings schemes of the bank or post office. Similarly, the stock market, companies, mutual fund houses, post offices etc. will also be given.