Missed December 31 deadline? Here s what you need to do now ITR filing FY 2020-21
January, 06th 2022
The deadline for the filing of FY 2020-21 Income Tax Return (ITR) was 31 December 2021, hence those who failed to file their tax return must be now wondering as to what lies ahead.
Incase you too are one among the above lot, you must not worry, for you still have a chance to file your ITR. Those who have not filed their Income Tax Return (ITR) for the financial year 2020-21 or assessment year (AY) 2021-22, will now have to file Belated return before March 31.
An income-tax return that filed after the due date is called Belated Return. It is filed under section 139(4) of the income tax Act.
How to file Belated return?
The process of filing belated return is similar to that of filing regular Income Tax Return. All you need to do is select the ITR form that applicable for you. You can fill the form in the same manner as when you had filed the return on time. You will have to choose the assessment year for which you are filing the belated return.
While it is always being advised that you must file your ITR before the end of the deadline, however if somehow you miss the deadline, you can still do so by paying penalty.
Filing ITR can be done both online and offline. Not filing ITR or late filing can attract penalty up to Rs 5,000. The penalty has been reduced by half this time, as previously late filing of ITR would attract upto Rs 10,000 penalty. If your taxable income is less than Rs 5 lakh, then you pay a penalty of Rs 1,000. Additionally, if you have an income below the taxable limit, you are not even required to pay the penalty incase you miss the ITR filing deadline. However, this is subject to certain exceptions.
In a related news, the Central Board of Direct Taxes (CBDT) has announced that it has provided one-time relaxation for verification of e-filed ITRs for AY 2020-21 which are pending for verification due to non-submission of ITR-V form or pending e-Verification.