New Delhi: The last date for filing Income Tax Return (ITR) for the assessment year 2020-21 was December 31. According to the Income Tax Department, more than 5.78 crore taxpayers had filed ITR for the financial year 2020-21 so far. December 31 at 7 pm.
“More than 5.78 crore #ITRs for age 2021-22 were filed till 7 PM today, while 5.95 crore #ITRs were filed till January 10, 2021.
For the past few months, the tax department has been advising taxpayers to file their ITR before the deadline ends. However, if somehow you miss the deadline, you can still do so, but by paying a penalty.
Late ITR filing can be done both online and offline. There is a penalty of Rs 5000 for not filing income tax return on time. Earlier, the tax department had punished defaulters with a fine of up to Rs 10,000. The penalty was reduced to Rs 5000 for assessment year 2020-21.
For those earning less than Rs 5 lakh (annual), the penalty for filing tax return after the deadline is Rs 1,000. Also, if your salary is less than the taxable limit, you do not even need to pay the penalty if you miss the deadline to file ITR. However, the rule is subject to some exceptions. Read also: Xiaomi 12 series smartphones worth Rs 2100 crore sold in 5 minutes: Report
Notably, the Central government had twice extended the deadline for filing Income Tax Returns (ITR) for the period FY 2020-21 to provide adequate time to taxpayers. The amendments were made in view of the ongoing pandemic. Read also: ATM service charges hiked from today; Here’s How Much Extra You’ll Have to Pay
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