Deadline For Filing Income Tax Returns With Late Fee Is March 31: How To Do It Online

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ITR Filing 2020: Return of earnings that isn’t furnished on or earlier than due date is known as belated return.

Income Tax Returns: In case you’ve nonetheless not filed your earnings tax returns (ITR) for the monetary 12 months 2019-2020, or evaluation 12 months 2020-2021, you possibly can nonetheless accomplish that by the tip of this month, i.e., by March 31, 2021, with the late price as set by the earnings tax division. The deadline for submitting ITR for the fiscal 12 months 2019-20 for all particular person taxpayers, with none late price was January 10, 2021. However, the Income Tax (I-T) division notified that every one those that couldn’t file their returns on earnings by January 10, can nonetheless accomplish that by the tip of this month. (Also Read: Filed Your Income Tax Return? Here’s The Right Form For You )

The I-T division shared in a tweet at the moment that in case the tax is deducted on one’s earnings/receipts however the earnings tax return is just not filed, then one ought to file the identical on the earliest.
 

According to the Income Tax (I-T) division, the return of earnings that isn’t furnished on or earlier than the due date is known as belated return. The I-T division states {that a} belated earnings tax return will appeal to a late submitting price beneath part 234F of the Income Tax Act. The late submitting price is charged by the division, based mostly on the diploma of the delay in submitting returns. 

A taxpayer must pay a late price of Rs 5,000 if the return is furnished on or earlier than December 31 of the evaluation 12 months. In all different circumstances, the late submitting price will increase to Rs 10,000, if filed between January to March this 12 months. However, all those that have an annual earnings of Rs 5 lakh have to pay a late tremendous of Rs 1,000 solely, if submitting returns on earnings after the due date.

The strategy of submitting belated earnings tax returns is similar as submitting ITR on or earlier than the due date. Here’s a step-by-step information on easy methods to file belated earnings tax returns:

  • Visit the earnings tax division’s portal – incometaxindiaefiling.gov.in. Click on ‘log in right here’. If you haven’t registered your self on the web site, register utilizing your distinctive  Permanent Account Number (PAN).
  • After logging on, choose the ITR submitting choice, choose the evaluation 12 months, ITR type quantity, submitting kind – unique or revised return. Click on submit and proceed.
  • Read all directions and fill in all necessary particulars within the type. Now, select the verification choice in ‘taxes paid and verification’ tab.
  • Now click on on preview and submit. 





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