It has been proposed to file the same deadline of 31 March to 31 December.
Income tax returns should be filed on time… Everyone knows this. But sometimes due to all kinds of engagements, a little carelessness or other reasons, we are not able to file returns in time. Long relaxation in the deadline of the Income Tax Department has also been a reason behind our negligence. However, now this deadline has been reduced.
Yes! The deadline for filing late return of income tax and filing revised ITR has been reduced. According to the provision made in Budget 2021, it has been reduced by three months. Now instead of 31 March of any assessment year, returns have to be filed by 31 December.
Control the freedom to file returns as per your wish
Generally income tax returns for a financial year have to be filed by 31 July. Once the deadline is over, it needs to be filed by 31 March of the assessment year. It has been reduced to three months.
Right now most people submit the bilated and revised ITR as per their choice. Even if the March 31 deadline passes, the ITRs do not file. In this case, only when the notice of the tax department is received, it is allowed to file ITR.
It has been proposed to file the same deadline of 31 March to 31 December. That is, taxpayers will get 3 months less time than before to file ITRs billeted or revised. This new deadline will be applicable in filing tax returns for the financial year 2020-21 i.e. from April 1 of the assessment year 2021.
Also Read: Good News For Taxpayer! Budget 2021: Income tax returns will be easier, many rules will be changed
Late filing fee is recovered
Revised income tax return is filed in cases where an error is detected in the original tax return. Or if a taxpayer fails to file tax return within the stipulated date of 31 July. After this, there is an option to file a bilated ITR, but in these circumstances late filing fees are collected.
If the return is filed after the due date but before December 31, then the late fee is fixed at Rs 5,000. After 31 December, if the return is filed between 1 January and 31 March, then 10,000 rupees late fee is charged.
