Need Tally
for Clients?

Contact Us! Here

  Tally Auditor

License (Renewal)
  Tally Gold

License Renewal

  Tally Silver

License Renewal
  Tally Silver

New Licence
  Tally Gold

New Licence
 
Open DEMAT Account with in 24 Hrs and start investing now!
« General »
Open DEMAT Account in 24 hrs
 How to calculate income tax on stock market gains along with your salary?
 Moonlighting for Additional Income? Know Its Tax Implications
 Have you claimed education cess? Be prepared to pay tax as per the new rules
 Reserve Bank - Integrated Ombudsman Scheme, 2021 (RBIOS, 2021)
 How is tax computed for selling a house?
 How much tax do you pay on equity investments?
 Fuel taxes: Centre s gains striking since FY16
 Tax rules for NRIs on sale of assets located in India
 ITR filing: Know tax rules that apply to freelancers in India
 Delhi Real Estate News: NDMC extends last date for property tax payment with amnesty scheme
 Citizens must file THESE ITR related forms before due date Income Tax Returns

File your Interest Tax Return for AY 2020-21 on time or face a fine of Rs 10,000
October, 26th 2020

Taxpayers need to be wary of the last date of filing ITR failing which not only is the assessee penalised but also loses out on the tax benefits of the year. So, it is important to file ITR on or before the due

In yet another relief for taxpayers, the Income Tax (I-T) Department extended the last date for filing of individual Income Tax returns (ITRs) for FY 2019-20 or Assessment Year (AY) 2020-21 by another month till December 31.

This is the second time that the Central Board of Direct Taxes (CBDT) has extended the last date for filing of ITR for AY 2020-21.  

Taxpayers need to be wary of the last date of filing ITR failing which not only is the assessee penalised but also loses out on the tax benefits of the year. So, it is important to file ITR on or before the due date.      

Penalty for late filing of ITR

From 2017-18, a late filing fee is applicable if ITR is filed after the due date which for the current assessment year  2019-20 is December 31, 2020.   

The maximum penalty for filing ITR after the due date is Rs 10,000 under Section 234F of the Income Tax Act.  

From FY 2017-18, a late filing fee of Rs 5,000 will be applicable for filing ITR after due date but before December 31 of the assessment year under the Section. After December 31, late fee of Rs 10,000 shall be charged. However, in a relief to small taxpayers, if the annual income of the assessee is not more than Rs 5 lakh then penalty for missing due date for filing ITR is Rs 1,000

Interest on delayed ITR filing

 
Last date for 2019-20 ITR filing extended by one month. Details inside
 
ITR FY 2020-21: Know taxation rules for clubbing income of minor child and spouse
 

ITR for a financial year should be filed within the prescribed due date for each year failing which interest shall be levied.

From FY 2017-18, late filing fee under Section 234A, the taxpayer will be levied an interest rate of 1% every month on delayed ITR.  

Loss of tax benefits for the year

Other than penalties, the taxpayer will also have to let go off deductions and exemptions for that year. 

Home | About Us | Terms and Conditions | Contact Us
Copyright 2024 CAinINDIA All Right Reserved.
Designed and Developed by Ritz Consulting