Written by Shubhangi Gupta | Edited by Sohini Goswami, New Delhi
The final date to file the Revenue Tax Return (ITR) for the monetary 12 months 2020-21 was December 31. In case one misses the deadline, she or he can nonetheless file a ‘belated ITR’.
If the earnings tax is filed after the due date, it’s referred to as a ‘belated return’. Nevertheless, for this, the taxpayers might want to pay a penalty price, as fastened within the Finance Act.
In accordance with the Revenue Tax guidelines, late price is payable for non-filing of return throughout the stipulated time for any evaluation 12 months. The penalty may go as much as ₹5,000.
In accordance with stories, below this provision the belated ITR could be filed as much as March 31, 2022 with a penalty of ₹5,000. If the full earnings doesn’t exceed ₹5 lakh, then taxpayers can pay a nice of ₹1,000 solely. There is no such thing as a late price for these whose earnings is beneath the exemption restrict ( ₹2.50 lakh).
Additionally learn | ITR submitting: Record of necessary paperwork required to file your earnings tax return for FY21
Those that have already filed their ITR also can file a revised return if there was a lapse in submitting the unique tax return. The final date to file revised earnings tax returns for evaluation 12 months 2021-22 is March 31, 2022.
Almost 5.89 crore earnings tax returns for the 2020-21 fiscal had been filed on the brand new e-filing portal until the December 31 deadline, the I-T division mentioned on Saturday. Of this, greater than 46.11 lakh ITRs had been filed on the final date or December 31 alone.
The final date for submitting the earnings tax returns for the monetary 12 months was initially prolonged from July 31, 2021 to September 30, 2021 as a result of second Covid-19 wave within the nation. It was then prolonged to the year-end following complaints obtained about technical glitches within the new IT portal to file the returns.
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