Budget 2021: The government has made an important announcement regarding the income tax return in the budget. In this budget, the deadline for filing ITR with late fees has been reduced by 3 months.
Budget 2021: If you are late in filling your Income Tax Return (ITR), now improve your habit. The government has reduced the deadline for ITR to be filled with late fees from 31 March to 31 December in Budget 2021.
Reduced deadline for filling ITR with reduced late fees
Union Finance Minister Nirmala Sitharaman announced this on Monday while announcing the budget (Budget 2021). According to the new provisions of the budget, now the deadline for ITR to be filled with late fees has been reduced to three months. So far, the income tax return for the financial year has to be filed by 31 July. After this deadline is over, ITR can be submitted by 31 March with late fees. But now he will have to submit the returns by December 31, with late fees.
New rules will be implemented from April 1 (Rules will be implemented from April 1)
If a taxpayer is unable to file a tax return by the due date of July 31, then he has the option to file a bilated ITR. He could have submitted ITR till 31 March by paying late fees. Apart from this, if there is any mistake in the original tax return, then the taxpayer could file the revised income tax return till 31 March. But now he will get this facility only till 31 December. The new rules of the Center on ITR will come into effect from April 1 this year.
Late fees have to be given on late submission of ITR (Late fees have to be paid on late submission)
If a taxpayer filed ITR from 31 July to 31 December, then he had to pay 5 thousand rupees late fee. Whereas, from January 1 to March 31, late fees had to be paid at the cost of 10 thousand rupees. Now the deadline for filling the ITR with late fees has been reduced by 3 months. In such a situation, people will have to settle the return work till December 31, otherwise their ITR will not be accepted.
