The last date for filing income tax returns for the financial year 2019-20 was 10 January 2021. Issuing an official order, the Income Tax Department has rejected requests to extend the date for filing tax returns. The deadline was extended several times in the wake of the outbreak of the Corona virus epidemic. Usually, the last date for filing the income tax return for the assessment year is 31 July. But this year it was extended three times.
This year, the number of people filing income tax returns increased by about five per cent to nearly six crore. The number of income tax returns has increased due to the large number of returns filed by companies and units.
Have you filed your Income Tax for Financial Year 2020-21? If not, it’s high time you do that. Income Tax India has issued alert for all those who are yet to file their return. It has urged the taxpayers to complete the exercise at the earliest.
Income Tax India reminded taxpayers that last date to file Income Tax for 2020-21 is March 31, failing which it will draw penalty. “Late fee as per Income Tax Act may apply. Smart Bano File Karo,” it said.
“If you have filed your audit report but not filed your Income Tax Return (ITR) yet, please do so at the earliest. Last date to file ITR for AY 2020-21 is March 31, 2021,” tweeted Income Tax India.
One can file their income tax returns through incometaxindiaefiling.gov.in. Taxpayers can also call on 18001030025 in case of any query or if they face problem while filing their return.
Meanwhile, the Ministry of Finance has issued clarification ‘maximum tax liability’ in ‘cash’.
“Unconfirmed reports have appeared in certain sections of the media that some GST officers are using unauthorised communication means such as phone calls, WhatsApp and messages asking taxpayers to discharge ‘maximum tax liability’ in ‘cash’ in order to ensure that targets for revenue collection from GST for the financial year are met,” it said.
The Ministry of Finance further said “It is to clarify that neither the Government nor the Central Board of Indirect Taxes and Customs (CBIC) have issued any such instructions to their field formations. As such, taxpayers are free to utilise the Input Tax Credit available in their credit ledger, as permissible in law, to discharge their GST dues for the month of March, 2021 – the last month of this financial year.”
We have taken all measures to ensure that the information provided in this article and on our social media platform is credible, verified and sourced from other Big media Houses. For any feedback or complaint, reach out to us at informalnewz@gmail.com
Please check the information before posting…2020 21 financial year not yet closed how a person will file return