ITR due date almost here! Missing the Dec 31 deadline will attract penalty twice that of last year
December, 30th 2020
Usually, the taxpayers are supposed to file ITR by July 31 but an exception was made this year due to the pandemic. So, if you're running late, you still just a few more days to sort it out
The Central Board of Direct Taxes (CBDT) earlier extended the last date for filing ITR for income earned in FY 2019-20 (The assessment Year 2020-21) to December 31, 2020, in view of the pandemic. Usually, the taxpayers are supposed to file ITR by July 31 but an exception was made this year due to the pandemic. So, if you're running late, you still have two more days to sort it out.
Also, another difference between missing the ITR filing deadline last year and missing it - December 31 - this year is that you will have to pay a penalty of Rs 10,000 this time, unlike last year when the penalty for belated ITR filing within a few months of missing the deadline was only Rs 5000.
However, this penalty or late filing fee will only be applicable if the taxpayer's net total income (i.e. income after claiming eligible deductions and tax exemptions) exceeds Rs 5 lakh in the financial year.