Income Tax Return Filing: Deadline to file Income Tax Return (ITR) for Assessment Year 2020-21 (AY 2020-21) has passed on 10 January.
Even after this, income tax returns can be filed. But, for this, penalty will also have to be paid under the rules of income tax.
new Delhi. Despite extending the deadline to fill Income Tax Return (ITR), many people have not been able to fill it. The last date to file income tax return for assessment year 2020-21 was 10 January 2021. Usually this date is 31 July. But due to the corona virus epidemic, this government had extended the deadline to file ITR. First it was reduced to 30 November 2020, then 31 December 2020. After this, once again the government had to increase the deadline for 10 January 2021.
Interest will also have to be paid along with penalty
However, even if you have not filed your income tax return, you still have a chance. For this, you have to pay a penalty. Under Section 139 of the Income Tax Act, 1961, a penalty of Rs 5,000 has to be paid for not submitting income tax returns. This penalty is applicable when the income tax return is filed after deadline and before December 31. After this penalty is increased to Rs 10,000. Apart from this, interest is also payable on filing late ITR.
what is bilated return?
After the date of filing ITR, when a taxpayer files his return, it is called bilated return. It comes under section 139 (4) of the Income Tax Act. Under this section, any taxpayer can file his previous return. Under this, a filtered return can be filed by 31 March 2021 under assessment year 2019-20.
What is the penalty arrangement on the bilated return?
Penalty is levied under section 234F on bilated returns. Under this section, after filing deadline and before December 31, filing ITR attracts a penalty of Rs 5,000. After this the amount increases to Rs 10,000. However, it is also to be noted that if the total income of the taxpayer does not exceed Rs. 5,00,000, then the fee for filing late ITR cannot exceed Rs. 1,000.
Many Losses Of Not Filing ITR On Time
If there is a tax liability on a person and he does not file an income tax return, he may have to bear the brunt of this in the form of late fees, interest, deduction in certain deductions, etc. In simple words, if a person below 60 years of age has an annual income of Rs 2.5 lakh, a person aged 60-80 years is 3 lakh and a person above 80 years of age has an annual income of Rs 5 lakh. No need to fill ITR.