The Income Tax Department has extended the last date for filing ITR many times due to the corona epidemic. Once again it has been increased from 31 December to 10 January. According to the Income Tax Department, 4.54 crore people have filed ITR till 29 December. Some people are still not taking ITR seriously.
In a statement issued by the Finance Ministry, the deadline for filing returns for companies has also been increased by 15 days to 15 February. The last date for filing income tax returns has been extended for the third time. Earlier, the normal deadline was extended from 31 July to 30 November 2020. It was then extended to 31 December 2020.
Apart from this, the date of declaration for Direct Tax Dispute Resolution Scheme ‘Dispute to Confidence’ has also been extended by one month to 31 January.
The last date for filing annual return of GST for the financial year 2019-20 has also been extended by two months to 28 February 2021. The statement said that the date of income tax return for the financial year 2019-20 (assessment year 2020-21) has been extended till January 10 for those income tax payers who do not need to audit their accounts and who normally do ITR -1 and ITR-4.
For those income tax payers whose accounts need to be audited or who need to submit a report about international financial transactions, the last date for filing returns has been extended to February 15, 2021. The date for filing income tax returns for companies was increased from 31 October to 30 November. It was then extended to 31 January 2021. Now it has been extended to 15 February. A total of 4.54 crore income tax returns have been filed for the financial year 2019-20 (assessment year 2020-21) till 29 December.
Discounts are available in these categories
But if you are a small tax payer i.e. if your total income is 5 lakhs or less, then you have to pay maximum fine up to 1,000 only. The rule related to late filing fees was added to the budget section 234F. Apart from this, if the gross total income is not more than the basic exemption limit and then you file late tax return, then you do not have to pay penalty. If you do not file ITR by 31 August, you may have to pay a fine of up to Rs 5000. As such, according to the rule there are some tax exemptions about which few people are aware. These are expenses that you can claim for tax exemption by giving information.