It's the financial year's end on Wednesday and the deadline for a lot of tasks. One of them is filing the income tax returns. If your income tax returns are yet to be filed, then it can be filed with the late fee payment option as provided by the Income Tax (I-T) department on its website.
The deadline for filing ITR for the assessment year of 2019-2020 was set as January 10, 2021 by the department which was later moved to March 31 with late fee to offer some relief amid the Covid-19 pandemic.
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A late filing fee of ₹5,000 is levied on the taxpayer if the return is filed on or before December 31 of the financial year. The late fee can range upto ₹10,000 if the return is furnished between January to March of this year. According to the section 234F of the Income Tax Act, a late ITR attracts a late filing fees.
The range of late fee, as mentioned above, varies depending on the degree of delay in furnishing the income tax return.
{{/usCountry}}The range of late fee, as mentioned above, varies depending on the degree of delay in furnishing the income tax return.
{{/usCountry}}However, taxpayers with an annual income of ₹5 lakh will be levied the late fee of ₹1,000 only in case of filing return after deadline.
Here is how you can file your income tax return:
Visit the web portal of the income tax department incometaxindiaefiling.gov.in and select the option of ‘log in here’.
Get registered by entering the Permanent Account Number (PAN) card details if you are not a registered user on the website.
Choose the correct filing options, assessment year, ITR form number and filing type after logging in.
After this, click submit and continue.
FIll in all the mandatory fields in the form and read the instructions given carefully.
Select verification option in ‘taxes paid and verification’ tab and end the process with preview and submit.