Deadline to file income tax returns for FY 2019-20.
Income Tax Return Filing: If you have not yet filed Income Tax Return (ITR) for the financial year 2019-20 and are afraid of fines, then know that there will be no penalty. Income taxpayers still have a chance to file income tax returns without any penalty. The reason for this is the increase in the deadline for filing income tax returns for the financial year 2019-20 (assessment year 2020-21). The government has extended the deadline on 31 December.
Due to this, now individual taxpayers have time till 10 January 2021 to file income tax returns for the financial year 2019-20 (assessment year 2020-21). At the same time, the deadline for filing the ITR for the assessment year 2020-21 is being increased to 15 February 2021 for taxpayers and their partners whose accounts are to be audited and for companies (for which the last date for filing returns was 31 January 2021).
For taxpayers who have to submit a report in case of international / specific domestic transactions (for which the latest due date for filing ITR was 31 January 2021), the ITR of assessment year 2020-21 has been extended to 15 February 2021. has been carried out.
Under Section 139 (1) of the Income Tax Act, for non-filing of returns within the stipulated time for an assessment year, late fees have to be paid under Section 234F, which is up to Rs 10,000. The deadline for ITR filing for an assessment year is usually 31 August. Until this deadline, ITR can be filed without any penalty. After passing the deadline of August, there is a chance to file the return by 31 December in the same year with a late fee of Rs 5000. After this, if no one files the return till December 31, then there is a chance to file the return till March 31 next year with a late fee of Rs 10,000. However, if the total income of the taxpayer does not exceed Rs 5 lakh, then a penalty of Rs 1000 will have to be paid. If the income is below the exemption limit (Rs. 2.50 lakh), then the return can be filed by 31 March without late fees.
Current Covid Situation
But this time the situation is different due to Corona. The government is repeatedly increasing the ITR filing deadline. According to the founder of RSM India, Dr. Suresh Surana, CBDT has once again moved the deadline to file ITR for the financial year 2019-20 but there is no relief in late filing fees under section 234F. In such a situation, there will be no penalty on return filing till the latest deadline of 10/15 January 2021. But if the government does not extend the deadline again, then after 10/15 January 2021, you may have to pay a penalty of Rs 10,000 to file the return.
Deadline has increased three times so far
The government has already extended the date of filing of income tax returns for the financial year 2019-20 three times. In the case of individual taxpayers, the last date for filling ITR was first increased from 31 July to 30 November 2020. Then it was increased to 31 December 2020. Now in the new order, the government has again increased this deadline to 10 January 2021.