ITR Filing 2020: The final date to file revenue tax returns with late price is at present
Income Tax Returns: The final date to file your returns on revenue for the monetary 12 months 2019-2020, or evaluation 12 months 2020-2021, is at present, March 31. If you continue to not filed your revenue tax returns, you are able to do so by at present with the late price fee as set by the Income Tax (I-T) division. The deadline for submitting ITR for the monetary 12 months 2019-20 was set as January 10, 2021, with out the fee of any late price. However, in view of offering reduction amid the COVID-19 pandemic, the I-T division knowledgeable that every one those that couldn’t file their returns on revenue by January 10, can file the identical with a late price by March 31. (Also Read: Filed Your Income Tax Return? Here’s The Right Form For You )
In a current tweet, the Income Tax division notified that in case the tax is deducted on one’s revenue/receipts, however the revenue tax return is just not but filed, then one ought to file the identical on the earliest. Filing revenue tax returns after the due date attracts late price underneath part 234F of the Income Tax Act, in keeping with the I-T division. Based on the diploma of delay in submitting returns, the late submitting price is charged by the division.
In this regard, a taxpayer can 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 on submitting revenue tax returns will increase to Rs 10,000, if accomplished between January to March this 12 months.
However, all taxpayers who’ve an annual revenue of Rs 5 lakh, might want to pay a late effective of Rs 1,000 solely, if submitting revenue tax returns after the deadline. Additionally, the method of submitting belated revenue tax returns is similar as submitting ITR earlier than the deadline.
Here’s a step-by-step information on the right way to file belated revenue tax returns:
- Go to the revenue tax division’s portal – incometaxindiaefiling.gov.in and click on on ‘log in right here’.
- If you haven’t registered your self on the revenue tax web site, register utilizing your distinctive Permanent Account Number or PAN card.
- After logging in, choose the right ITR submitting possibility, choose the right evaluation 12 months, ITR type quantity, and submitting kind – unique or revised return.
- Now, click on on submit and proceed.
- Read all directions fastidiously and fill in all necessary particulars within the type.
- Select the verification possibility in ‘taxes paid and verification’ tab.
- Click on preview and submit.
