The final date for submitting your earnings tax return, or ITR, for FY 2020/21 (AY 2021/22) is March 31. The unique deadline was July 31, 2021, however that was prolonged due to Covid; the date was revised to December 31, 2021, then February 15, 2021, and at last March 15, 2021. The final date of March 31 for submitting earnings tax return is beneath an earnings tax regulation that offers taxpayers three months’ window to file belated ITR. Lacking the final date for submitting ITR shouldn’t be advisable because it may incur a penalty and demand for curiosity fee from the earnings tax division.
What in the event you miss final date for submitting ITR for FY 2020/21 (AY 2021/22)?
The penalty for not submitting your earnings tax return is ₹5,000 beneath Part 234F of the Earnings Tax Act. Nevertheless, in case your complete earnings is beneath ₹5 lakh, then you must pay ₹1,000 solely.
This rule is relevant to all taxpayers and the penalty should be paid even if you’re submitting for a non-taxable quantity. The earnings tax division may also cost you a penalty of fifty per cent of tax payable and you can, in excessive circumstances, face a jail time period of three years.
Word that along with paying penalties you might also should pay curiosity – 1 per cent per thirty days or a part of the month for tax left unpaid.
You might also face greater TDS (tax deducted at supply) if you don’t file your returns – beneath a proposal in final 12 months’s funds non-filers will face TDS at twice the traditional fee or 5 per cent.
A ‘non-filer’ is an individual who has not filed an ITR within the two years instantly earlier than the one during which tax is to be deducted; on this case it could be FY 2019/20 and FY 2018/19.
PAN-Aadhar linking, ITR submitting: 5 duties to finish earlier than March 31
When you fail to file your return as prescribed additionally, you will lose any refund due from TDS assortment. The earnings tax division tweeted final week to say that over ₹1,92,720 crore had been issued as refunds to 2.26 crore taxpayers from April 1, 2021, to March 20, 2022.
The way to file earnings tax return: Step-by-step information, paperwork wanted
What’s the final date for submitting ITR for FY 2020/21 (AY 2021/22)?
The final date was December 31, 2021, after the unique deadline of July 31, 2021, was prolonged due to coronavirus. March 31 is the ultimate date to file ITR; it’s the finish of a three-month grace interval provided by the earnings tax division to file your return.
Word that if you’re submitting within the grace interval then losses incurred (for instance, from enterprise or sale of property) can’t be carried ahead and sure advantages are unavailable.