Income Tax Return Latest News: Most of the taxpayers across the country have filed their income tax return on or before January 10 as it was the last date to file ITR. However, if you have missed filing your ITR on the due date, don’t worry! You still can do it but with penalty.
Issuing an official order on Monday evening, the income tax department rejected requests for further extension of the due date for filing tax returns saying that generous extra time has already been given. The deadline was extended multiple times in the wake of the covid-19 outbreak. Generally, 31 July of the assessment year (AY) is the last date for filing the income tax return. This year it was extended 3 times.
What is Belated ITR?
If you have failed to file your tax return before the deadline, you still have the time to file a late or belated ITR. An income tax return filed after the due date is known as belated return.
Penalty for belated ITR
As per updates from the income tax department, taxpayers will have to pay a late filing penalty in case you are filing a belated return. The penalty will be Rs 10,000 as the last date was extended beyond 31 December.
In general, the last date for filing income tax return is 31 July of the relevant assessment year. In case you miss the ITR due date, a flat penalty of Rs 5,000 is levied when you file belated return.
For small taxpayers with income of up to Rs 5 lakh, a penalty of Rs 1,000 is applicable in case of filing belated ITR.
The penalty along with the due tax needs to be paid before you submit your belated ITR. Remember that you can’t escape paying penalty on belated return, irrespective of whether any tax is due or not.