The Income Tax Return (ITR) for the fiscal year 2020-21 was due on December 31, 2019. If you miss the deadline, you can still submit a ‘belated ITR.’
A ‘belated return’ is when an income tax return is filed beyond the due date. However, taxpayers will be required to pay a penalty fee, as set forth in the Finance Act.
Section 234F of the Income Tax Act imposes a late fee for failure to file a return within the deadline for any assessment year, according to the guidelines. The fine may be as much as $5,000. Section 234F of the Income Tax Act imposes a late fee for failure to file a return within the deadline for any assessment year, according to the guidelines. The fine may be as much as $5,000.
According to reports, under this provision, a late ITR can be filed up until March 31, 2022, with a $5,000 penalty. Taxpayers will only have to pay a fine of $1,000 if their total income does not exceed $5 lakh. If your income is less than $2.50 lakh, you will not be charged a late fee.
If there been a gap in filing the original tax return, those who have already filed their ITR might file a revised return. The deadline to file amended income tax returns for the fiscal year 2021-22 is March 31, 2022.
The I-T department said on Saturday that around 5.89 crore income tax returns for the 2020-21 fiscal year were filed on the new e-filing platform by the December 31 deadline. Over 46.11 lakh ITRs were filed on the last day of the year, December 31.
Due to the second Covid-19 wave in the country, the deadline for filing income tax returns for the fiscal year was initially delayed from July 31, 2021 to September 30, 2021. It was subsequently extended till the end of the year after complaints about technical issues with the new IT platform for filing returns.
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