Government Says No Extension Of Deadline To File Income Tax Returns As Yet

No Extension Of December 31 Deadline To File Income Tax Returns: Government

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).

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.

MORE:   ''Streamline Stock And Supply, Divert Coal To Power Plants With Depleted Stocks'': Power Minister RK Singh

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.

Socially Keeda

Socially Keeda, the pioneer of news sources in India operates under the philosophy of keeping its readers informed. tells the story of India and it offers fresh, compelling content that’s useful and informative for its readers.
Back to top button

Adblock Detected

Please consider supporting us by disabling your ad blocker