04 Jan

Income Tax Return Filing Did Not File ITR by the due date Keep this deadline in mind

Income Tax Return Filing: Did Not File ITR by the due date? Keep this deadline in mind

Note that the deadline for filing income tax returns is not the ITR deadline

Taxpayers can file their ITR even if they have missed the date

For some reason, through a process called ‘delayed’ ITR '. However, they will have to pay a fine.

Deadline for filing ITR: The Income Tax Department has not extended the due date for filing income tax returns or ITR to the taxpayers of the country. The last date for filing ITR was last week, it has now passed. Taxpayers can still file their ITR if for some reason they missed the date through a process called 'Delayed ITR'.

However, they will have to pay a penalty if they want to file a delayed ITR as per the provisions of the government's Finance Act. Due to technical glitches in the online portal, the Center had last year extended the September deadline for filing income tax returns.

The Income-tax department, however, did not extend the deadline till December 31, saying it had not received any request to do so and all work was carried out smoothly. At a press conference of the GST Council meeting chaired by Finance Minister Nirmala Sitharaman that day, Revenue Secretary Tarun Bajaj confirmed that there was no possibility of extending the deadline for filing ITR.

"There is no proposal to extend the date for filing income tax returns. The work of filing income tax returns is going on smoothly. A total of 5.62 crore returns have been filed till 3 pm today. More than 20 lakh returns were filed today.

More than 60 lakh returns have been filed this year, ”Bajaj told reporters at a press conference.

However, under government regulations under the Finance Act, taxpayers can file an income tax return after the due date. This means taxpayers have until 31st March 2022 to file their ITR. According to the provisions, taxpayers earning Rs 5 lakh and above will be fined Rs 5,000. Taxpayers with a total income of less than Rs 5 lakh are liable to pay a penalty of Rs 1,000, while those who are exempt from paying income tax do not have to pay any penalty.

Those who have already filed an income tax return are also eligible to file a revised return if there is any gap in filing the original tax return. The deadline to do this is March 31, 2022.

About 5.89 crore income tax returns for the financial year 2020-21 (ending March 2021) have been filed on the new e-filing portal by the December 31 deadline, the IT department said on Saturday. Of these, more than 46.11 lakh ITRs were filed on the last date or on 31st December alone.



Alliance Tax Experts on 9769201316

if you want to file your income tax return 


#taxes #alliancetaxexperts #tax #taxseason #accounting #business #smallbusiness #incometax #bookkeeping #finance #entrepreneur #taxpreparer #accountant #money #taxrefund #payroll #taxreturn #taxprofessional #irs #taxpreparation #cpa #businessowner #taxplanning #taxtips #covid #taxprep #taxtime #businesstaxes #taxation #financialfreedom #bhfyp

Find the Solution That Best Fits Your Business