ITR Filing FY 2020-21: Who is exempted from paying late fee for filing tax returns after the 31st December deadline?

New Delhi: Now that the deadline for filing Income Tax Return (ITR) for FY 2020-21 is over (December 31, 2021), those who have failed to file their tax returns are looking forward to the next thing. What should they do?

If you are also in one of the above lots, you need not worry. If you have missed the 31st December deadline to file your ITR, you can still do so. Filing of belated ITR return is applicable for such individuals and the last date for doing so is March 31.

Who is exempted from paying penalty for delayed ITR filing?

Although it is always advised that you have to file your ITR before the expiry of the deadline, however, if you somehow miss the deadline, you can still do so by paying a penalty.

ITR filing can be done both online and offline. Non-filing or late filing of ITR can attract a fine of up to Rs 5,000. This time the penalty has been halved, as late filing of first ITR will attract a penalty of up to Rs 10,000. If your taxable income is less than Rs 5 lakh, you will have to pay a penalty of Rs 1,000. Additionally, if your income is below the taxable limit, you are also not required to pay the penalty if you miss the deadline for filing ITR. However, it is subject to some exceptions.

An income tax return which is filed after the due date is called belated return. It has been filed under section 139(4) of the Income Tax Act.

How to file delayed return?

The process of filing delayed returns is similar to filing regular income tax returns. All you have to do is select the ITR form that is applicable to you. You can fill the form in the same way as you did while filing the return on time. You have to select the assessment year for which you are filing the belated return.

In related news, the Central Board of Direct Taxes (CBDT) has announced that it has provided one-time relaxation for verification of e-filed ITR for AY 2020-21 due to non-submission of ITR-V. are pending for Form or pending e-verification.

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