ITR Filing Alert: Failure to file income tax return by the last date specified by the Income Tax Department will attract a penalty of Rs 5000.
ITR Filing Alert: The last date for filing Income Tax Return has been extended till 30 September 2021. Giving relief to the taxpayers, the central government has recently extended its deadline. Now if you file your return after September 30, you may have to pay a fine of Rs 5,000. Let us tell you, these rules have been issued by the Income Tax Department.
According to the rules of income tax, penalty is also imposed for not filing the tax return. Along with this, the person concerned will have to pay Tax Deduction at Additional Source (TDS). If taxpayers do not file ITR within the due date, they will also have to pay interest on the outstanding tax. In such a situation, the amount to be paid by the taxpayers may be higher. If you want to avoid this penalty amount, then file your income tax return on or before 30 September.
Not filing ITR by the due date will attract a fine of Rs 5,000
Filing the return after the date given by the government can attract a fine of Rs 5,000. It is mentioned in section 234F of Income Tax. However, if the income of the taxpayer is within Rs 5 lakh, then there is a rule to pay Rs 1000 as late fine. The amount of fine will increase on earning more than five lakhs.
How to file Income Tax Return?
- To file Income Tax Return, first you have to go to the official portal of Income Tax https://www.incometax.gov.in. Log in to the e-filing portal after entering your PAN details, password and captcha code.
- Then click on the e-file menu and click on the Income Tax Return link.
- PAN will be auto populated on Income Tax Return page, here select assessment year, now you have to select ITR form number, now you have to select the filing type in which to select the original / revised return.
- After this, now select the submission mode in which online preparation and submit will have to be selected.
- Then click on continue. After doing this read the guidelines given on the portal. Fill your details in all the fields which are blank in the online ITR form.
- After this, go to the Tax and Verification tab again and choose the verification option according to you. Click on Preview and Submit button, verify the data entered in ITR. Finally submit the ITR.