ITR filing 2020-21: Only 3 days left to file ITR, know how much penalty you will have to pay if the deadline of December 31 is missing

New Delhi: In the wake of the COVID-19 pandemic, the government has extended the due date for filing all Income Tax Returns (ITR) for the financial year 2020-21 to December 31, so you have just 3 days to file your income tax. are remaining. This year, taxpayers are required to submit returns for FY 2020-21 financial year and assessment year will be AY 2021-22. ( itr filling )

Also read: In Himachal Pradesh, PM Narendra Modi said – rapid development due to double engine government

ITR can be filed online as well as offline

Although it is 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.

Guidance advertisement on ITR filing also released

Additionally, if your income is below the taxable limit, you are also not required to pay the penalty if you miss the ITR filing deadline. However, it is subject to some exceptions. In a major relief to lakhs of taxpayers, the government had twice extended the last day for filing Income Tax Return (ITR) for the period of financial year 2020-21. The Income Tax Department had also issued advertisements on several occasions to guide taxpayers on their ITR filing. ( itr filling )

People News Chronicle

People News Chronicle author account is for interns, who are just new to our news agency. They are taught basics of wordpress and publishing through this account.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button