ITR Filing 2020: The last date to submit tax return with late charge is todayIncome Tax Returns: The last date to submit your returns on earnings for the financial year 2019-2020, or evaluation year 2020-2021, is today, March 31.
If you still not filed your income tax returns, you can do so by today with the late cost payment as set by the Income Tax (I-T) department.
The deadline for filing ITR for the fiscal year 2019-20 was set as January 10, 2021, without the payment of any late charge.
In view of supplying relief in the middle of the COVID-19 pandemic, the I-T department informed that all those who might not file their returns on income by January 10, can file the same with a late cost by March 31.(Also Read: Filed Your Income Tax Return? Here's The Right Form For You )In a recent tweet, the Income Tax department informed that in case the tax is subtracted on one's income/receipts, but the income tax return is not yet submitted, then one need to file the exact same at the earliest.
Filing tax return after the due date brings in late cost under section 234F of the Income Tax Act, according to the I-T department.
Based on the degree of delay in filing returns, the late filing charge is charged by the department.In this regard, a taxpayer will pay a late fee of Rs 5,000 if the return is provided on or prior to December 31 of the assessment year.
In all other cases, the late filing charge on filing income tax returns increases to Rs 10,000, if done in between January to March this year.However, all taxpayers who have a yearly earnings of Rs 5 lakh, will require to pay a late fine of Rs 1,000 just, if filing income tax returns after the deadline.
Additionally, the procedure of filing belated tax return is the very same as submitting ITR before the due date.
Here's a detailed guide on how to submit belated tax return: Go to the income tax department's portal - incometaxindiaefiling.gov.in and click on 'log in here'.
If you have not registered yourself on the income tax site, register utilizing your distinct Permanent Account Number or PAN card.After visiting, choose the right ITR filing alternative, choose the proper evaluation year, ITR form number, and filing type - initial or revised return.Now, click on submit and continue.Read all instructions carefully and fill in all necessary information in the form.Select the confirmation option in 'taxes paid and confirmation' tab.Click on preview and submit.