Income Tax Return Deadline Archives -

6 Things That Could Go Wrong If You Miss the Income Tax Return Deadline

Thu, 23 Dec 2021 11:54:24 +0000

The Buyt Desk

The last date for filing Income Tax Return for the financial year 2020-21 is 31st December 2021. Usually, the last date is around the end of July but due to COVID concerns, the government extended the IT return deadline. You should file your return by the given deadline or be prepared to shell out money from your wallet. The late filers will have to pay late fees and penal interest.

Here is how missing the Income tax return deadline will impact you –

Late Fees – As per Section 234F of the Income Tax Act 1961, you will file a late return along with a late fee. This late fee would be Rs 1000 for individuals with an income less than Rs 5 Lakhs and up to Rs 10,000 for individuals with an income of more than Rs 5 Lakhs.
Penal Interest – A delay of a single day will also attract a penal interest of 1% on the unpaid tax.
Delay in Refunds – If you file a late return and there is a pending refund then this payment will be delayed too.
Short Window to File Your Return – You will have to file your IT return by 31st March 2022 as after this the window of return filing for FY 2020-21 will be permanently closed. Only if the assessing officer demands some explanation or changes in the return will you be allowed to reopen your return and file it again.
Lesser time for Correcting Mistake – If you erroneously fill in any wrong details you have the option of filing a revised return and correcting the mistake. But when you miss the deadline and file a late return the time you get to correct your mistake will be shorter too.
Notice From Income Tax – If you miss the final date of 31st March 2022 you will not be able to file a return for the FY 2020-21. The income tax department can send you notice as per Section 142 of Income Tax Act 1961 for not filing your return. There could be harsh punishment of imprisonment for evasion of income tax discrepancy in your income earned and tax paid.

Don’t wait or expect that the Income Tax return deadline will be extended but instead file your return before the deadline and be tension free.

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Late Fee up to Rs 10,000 If You Miss the Income Tax Return Deadline

Mon, 09 Nov 2020 14:05:16 +0000

By CA Gauri Chadha

The last date of filing Income Tax Return for the financial year 2019-20 has been extended the second time, and now one can file their IT return till December 31st 2020 and cases that require audit have time until January 31st 2021. But don’t delay your return filing because your laxity will have monetary consequences. If you miss the deadline, a late penalty fee under section 234F of the Income Tax Act will be imposed. There was no late filing penalty before 2017. The taxpayer had the option of filing a belated return without any charges, but this rule changed post-Budget 2017.

If you don’t file your return by December 31st 2020, then be ready to pay a late fee up to Rs 10,000.

The penalty that you have to pay-

If an individual files a late return but his/her taxable income is not more than Rs 5 lakh after claiming all the deduction, then he/she is liable to pay a penalty of Rs 1000
If the income is above Rs 5 lakh and the return is filed after the due date but before December 31st of the relevant assessment year then a late filing fee of Rs 5000 will be levied ( so this fine may not be applicable this year because the end of AY is December 31st and that coincide with the last date of return filing)
If the return is filed after December 31st till March 31st which is the last date to file the belated return penalty in such a case will be Rs 10,000.
No late filing fees penalty will be charged for return filed after the deadline if the total gross income does not exceed the basic exemption limit. The basic exemption limit for individual below the age of 60years is Rs 2.5 lakh, for senior citizen age between 60- 80 years basic exemption is Rs 3 lakh, and for super senior citizen above the age of 80 years and above, the basic exemption limit is Rs 5 lakh.

So file your return on time to avoid a late fee. Other than late fee late filing of return will have two fallouts- you will not be allowed to carry forward your losses from business and capital loss from one FY to other if the due date does not file ITR. However, you can carry forward loss from house property. You would also lose out on interest if there is any tax refund. The interest on a tax refund is calculated from April 1st of the relevant assessment year, but in case of a belated return, interest will be calculated from the date of filing ITR.

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Income Tax Return Deadline Extended

Sat, 24 Oct 2020 14:08:14 +0000

By Priyanka Sambhav

The Income Tax department has once again extended the Income Tax Return filing date for the financial year 2019-20 and assessment year 2020-21. Its the second time that government has extended the due date on account of COVID-19. Taxpayers have time until 31st December 2020 to file their IT return. The government had extended income tax return filing dates in May as well. But various industry representative, associations, tax consultant and chartered accountants had requested a further extension in return filing deadline citing COVID19 related issues.

Dates to Remember

Income tax Return for individual income taxpayer is now 31st December 2020. Normally IT return was filed by 31st July of every year. But due to the pandemic government extended it till 30th November 2020. Now one more month gets added to the extended deadline.
Taxpayers whose account need to be audited gets a 3-month relief. They had to file their IT return by 31st October 2020. But now the new due date is 31st January 2021.
Taxpayers who are required to furnish international/specified domestic transaction report has been extended to 31st January 2021.
Due date for GST return has also been extended. Annual Return (Form GSTR-9/GSTR-9A) and Reconciliation Statement (FORM GSTR-9C) for Financial Year 2018-19 is now changed from 31st October 2020 to 31st December 2020.

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