ITR filing: Missed December 31 deadline? Here's what you can do
- According to the Income Tax rules, late fee is payable for non-filing of return within the stipulated time for any assessment year. The penalty could go up to ₹5,000.
The last date to file the Income Tax Return (ITR) for the financial year 2020-21 was December 31. In case one misses the deadline, they can still file a 'belated ITR'.
If the income tax is filed after the due date, it is called a ‘belated return’. However, for this, the taxpayers will need to pay a penalty fee, as fixed in the Finance Act.
According to the rules, late fee is payable under section 234F of the Income Tax Act for non-filing of return within the stipulated time for any assessment year. The penalty could go up to ₹5,000.
According to reports, under this provision the belated ITR can be filed up to March 31, 2022 with a penalty of ₹5,000. If the total income does not exceed ₹5 lakh, then taxpayers will pay a fine of ₹1,000 only. There is no late fee for those whose income is below the exemption limit ( ₹2.50 lakh).
Those who have already filed their ITR can also file a revised return if there was a lapse in filing the original tax return. The last date to file revised income tax returns for assessment year 2021-22 is March 31, 2022.
Nearly 5.89 crore income tax returns for the 2020-21 fiscal were filed on the new e-filing portal till the December 31 deadline, the I-T department said on Saturday. Of this, more than 46.11 lakh ITRs were filed on the last date or December 31 alone.
The last date for filing the income tax returns for the financial year was initially extended from July 31, 2021 to September 30, 2021 due to the second Covid-19 wave in the country. It was then extended to the year-end following complaints received about technical glitches in the new IT portal to file the returns.