Income Tax Returns: In case you have still not filed your income tax returns (ITR) for the financial year 2019-2020, or assessment year 2020-2021, you can still do so by the end of this month, i.e., by March 31, 2021, with the late fee as set by the income tax department. The deadline for filing ITR for the fiscal year 2019-20 for all individual taxpayers, without any late fee was January 10, 2021. However, the Income Tax (I-T) department notified that all those who could not file their returns on income by January 10, can still do so by the end of this month. (Also Read: Filed Your Income Tax Return? Here’s The Right Form For You )
The I-T department shared in a tweet today that in case the tax is deducted on one’s income/receipts but the income tax return is not filed, then one should file the same at the earliest.
Attention Businesses and Professionals.
If Tax has been deducted on your receipts/income, but you haven’t filed your Income Tax Return (ITR), please do so at the earliest.
— Income Tax India (@IncomeTaxIndia) March 24, 2021
According to the Income Tax (I-T) department, the return of income that is not furnished on or before the due date is called belated return. The I-T department states that a belated income tax return will attract a late filing fee under section 234F of the Income Tax Act. The late filing fee is charged by the department, based on the degree of the delay in filing returns.
A taxpayer will have to pay a late fee of Rs 5,000 if the return is furnished on or before December 31 of the assessment year. In all other cases, the late filing fee increases to Rs 10,000, if filed between January to March this year. However, all those who have an annual income of Rs 5 lakh need to pay a late fine of Rs 1,000 only, if filing returns on income after the due date.
The process of filing belated income tax returns is the same as filing ITR on or before the due date. Here’s a step-by-step guide on how to file belated income tax returns:
Visit the income tax department’s portal – incometaxindiaefiling.gov.in