Income Tax Returns: The returns on earnings for fiscal 2020-21 will be filed by tonight
The authorities on Friday introduced that there isn’t any proposal to increase the deadline for submitting earnings tax returns past its present deadline of December 31. Revenue Secretary Tarun Bajaj stated that December 31, 2021, stays the official deadline for submitting of earnings tax returns. This signifies that taxpayers can file their earnings tax returns for the monetary yr 2020-2021 or evaluation yr 2021-2023 by midnight as we speak (December 31).
No proposal to increase deadline to file earnings tax returns; the date of 31 December 2021 stays the official deadline: Revenue Secretary
— Press Trust of India (@PTI_News) December 31, 2021
The Revenue Secretary additionally introduced that 5.62 crore earnings tax returns (ITRs) have been filed by taxpayers for the evaluation yr 2020-21, to date.
“By 3 pm as we speak, 5.62 crore returns have been filed in complete. Today, greater than 20 lakh returns have been filed. This yr 60 lakh more returns have been filed, Mr Bajaj stated.
Taxpayers will nonetheless have the ability to file the ITR until March 31, 2023, in the event that they miss as we speak’s deadline, however with a penalty. According to the Income Tax (I-T) division, an assessee who doesn’t submit a return of earnings inside the deadline is allowed to file a belated return at a later stage. However, sure penalty costs are relevant within the case of belated earnings tax returns.
A belated earnings tax return attracts a late submitting payment underneath Section 234F of the Income Tax (I-T) Act. The quantity of penalty payable by the assessees submitting a late return will increase primarily based on the diploma of delay. The penalty for submitting ITR after the due date is as much as Rs 5,000. Those who’ve an annual earnings of Rs 5 lakh, nonetheless, are required to pay Rs 1,000 because the penalty for submitting ITR after the due date. The means of submitting a belated return is identical as submitting the return on or earlier than the due date.
Usually, taxpayers are required to file the ITR by July 31 of any yr. This yr, the Central Board of Direct Taxes (CBDT) – the apex physique which heads the Income Tax division, has prolonged the final date for submitting ITR twice to offer reduction amid the COVID-19 pandemic. Earlier, the deadline was set as September 30, 2021, which was later prolonged until December 31.
