The last date to fill the ITR for the financial year 2019-20 was 10 January 2021, which has passed. The government has extended the date of filing income tax returns many times, even if you forget to fill your ITR, there is no need to panic, you can still fill your Income Tax Return.
ITR filling date has passed
July 31 is usually the last date for filing income tax returns, but due to Corona epidemic, the government increased it 3 times. The last date for filling ITR for Individual Taxpayers was January 10, 2021. Although there was a demand to increase it again, but the government refused to extend the date of filling the ITR further. Despite increasing the number of dates, there will be many taxpayers who have not been able to fill their ITR due to any reason, so they have a chance.
Can fill belated Income tax
Whatever income tax return is filed after the due date, it is called belated return. You still have time to fill the belated return, but for this you will have to pay a penalty of 10,000 rupees, only then you can fill the belated return, because the last date has passed 10 January.
10,000 penalty has to be given
Let us tell you that every year, 31 July is the last date for filing the Income Tax Return of an Assessment Year (AY). If you file a return after this, then you have to pay a penalty of Rs 5,000. But you also have to fill it by 31 December. After this, if you file the return from 31 December to 31 March, then the penalty becomes Rs 10,000.
Outstanding tax and penalty will also have to be paid
Small taxpayers whose annual income is up to Rs 5 lakh, and if these income tax returns are filed by 31 March, then penalty will be Rs 1,000 on them. Your ITR will be deposited only when you deposit the penalty and the outstanding tax. If there is any tax due or you do not remember, then you cannot avoid paying a penalty on the belated return.
Interest may have to be paid on outstanding tax
One more thing to remember is that you have to pay interest on the unpaid tax every month till you pay your ITR before paying the penalty, you can carry forward for years to set off or adjust such losses. can not do. If you file ITR within the stipulated time, and there is a refund on it, then you also get interest on it. Under Section 244A of the Income Tax Act, if you have paid more tax on your earnings then you get a refund.
Jail can be up to 7 years
In case of belated returns, you can miss some interest on refund. Because interest is added from the date of filing ITR. From April 1, you get interest on refund, if you have filed your ITR at the appointed time. If you do not fill the ITR, then the Income Tax Department can send you a notice. You can also be imprisoned for 3 months to 2 years. If the outstanding tax is more than Rs 25 lakh, then there is also a provision for 7 years in jail.
