Income Tax Return: If you have forgotten to file your income tax return, do not worry. You have one more chance. You can file the income tax return for the financial year 2019-20 till 31 March 2021. For this, late fees will have to be paid now.
Senior Chartered Accountant Rajesh Khaitan says that usually between August and December five thousand rupees have to be paid as late fee. On filing the return between January and March, the late fee increases to 10 thousand rupees. But, this time since the due date was extended till December, the late fee of Rs 10,000 will have to be paid for submitting the return even one day late.
But, if your taxable income is less than five lakh rupees, then you have to pay only one thousand rupees as late fee and if your income is less than two lakh 50 thousand then you will get your income tax return without paying late fee. March 31 Can be stored till
He told that the amount of late fee will have to be paid before submitting the return, otherwise your return will not be accepted. You will also have to pay interest under section 234A of income tax on the amount of outstanding tax and if your tax amount is more than Rs.10 thousand and you have not paid your advance tax then section 234B and 234C Interest will also have to be paid under. Also Read: TAX: If you want exemption in tax, then invest on these 5 schemes, know full details
Khaitan said that many people, whose income is deducted by the TDS employer, understand that they do not need to submit income tax returns, which is wrong, if people do not submit their returns then they will get income tax. May have to face notice.
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