Taxpayers now have until December 31 to file their return of income earned between April 1, 2019 and March 31, 2020, instead of November 30. For individuals required to get their accounts audited, a new deadline of January 31 is applicable, instead of December 31.
The due date for filing income tax return for assessment year 2020-21 has been extended till December 31. The Finance Ministry has granted an additional month to complete the process.
Earlier, it was postponed from July 31, the annual due date for filing returns, to November 30 due to the Covid-19 pandemic.
Taxpayers now have until December 31 to file their return of income earned between April 1, 2019 and March 31, 2020, instead of November 30. For individuals required to get their accounts audited, a new deadline of January 31 is applicable, instead of December 31.
The last date for assessees required to furnish audit reports on international or specified domestic transactions has also been extended to January 31, from November 30.
However experts are of the opinion that it's best to complete the process early. Last minute filing can lead to the risk of facing technical glitches and making errors, leading to further complications.
Remember filing returns after the due date can attract late-filing penalties under section 234. In India usually the last date for filing income tax returns is July 31. However if you file it by December 31, you need to pay a late filing fee of rupees five thousand. And if your filing date goes beyond untill March 31, a penalty of Rs.10,000 is levied. But if your income tax does not exceed Rs. 5 lakh, the late fee levied is maximum one thosand rupees.
For salaried individuals, differences between taxes paid and payable can crop up if all your incomes have not been accounted for in Form-16. You will have to clear your tax dues at the time of filing returns.
If your self-assessment tax due is over Rs 1 lakh, you will have to pay an additional 1 percent per month, which will be levied starting from August 1, 2020 till the month of filing returns.
According to experts in case return is not filed and you have income that is subject to tax, there could be a penalty, which could vary from 50 percent to 200 percent of the assessed tax. If the tax evaded is over Rs 25,000, it could also lead to rigorous imprisonment for a term up to seven years along with fine.
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
 "Know why ITR should be filed by December 31")
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
)
){kind=small}
){kind=small}
)
)
)
)
)
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}