Income Tax ITR filing Due Date
The Central Board of Direct Taxes (CBDT) has provided one-time relaxation for verification of e-filed Income Tax Return (ITR) for the Assessment Year (AY) of 2020-21, the Income Tax Department stated.
Income Tax ITR filing Due Date for FY 2020-21 or AY21-22 is December 31, 2021. Going by the latest updates from the I-T Department, scores of individuals continue to file their returns even in the last week before the deadline. Here is a list of things that could go wrong in late filing of ITR.
The last date for filing Income Tax Return (ITR) for the financial year 2020-21 or Assessment Year (AY) 2021-22 was extended multiple times during the year owing to problems faced by assessees with Income Tax Department’s new e-filing portal. However, it has been confirmed that no more extensions would be given and therefore all taxpayers need to complete their ITR filings by December 31, 2021.
Income Tax ITR filing last date
The due date for income tax return or ITR filing for AY 2021-22 is ending on 31st December 2021. Though, it is advisable for all taxpayers to file their income tax return before the ITR last date, in case, a taxpayers fails to file its ITR within the due date, he or she would still have a chance to file their income tax return.
According to tax and investment experts, due date for ITR filing is 31st December 2021 whereas last date for ITR filing for FY 2021-22 is 31st March 2022. However, in case of missing the ITR due date of 31st December 2021, a taxpayer will have to pay a flat late fine of ₹5000, in case its taxable income is more than ₹5 lakh. Apart from this, the taxpayer will have to lose some benefits like carry forward of losses, interest on the excess tax paid by you.
Late fine after ITR due date
Speaking on the ITR rules on late fine; Mumbai-based tax and investment expert Balwant Jain said, “A taxpayer will have to mandatorily pay a flat late fee of ₹5000 at the time of ITR filing, if the ITR is submitted by 31st December 2021, in case your taxable income is more than five lakhs. The late fee, however, is restricted to ₹1,000 in case the taxable income is below ₹5 lakhs.” Balwant Jain said that ₹1,000 late fee implies on them also who don’t have any income tax liability and they are filing their ITR after the due date i.e. 31st December 2021.