For Individual taxpayers, the ITR FY20 date has been extended to 10 January 2021 from 31 December 2020. The Income Tax Department has again extended the last date for filing ITR. The last date for different categories has been extended for different periods.
Due to the Corona pandemic, the Income Tax Department has increased the last date to file ITR three times during the year. According to the Income Tax Department, 4.54 crore people have filed ITR till 29 December. Overall, the tax department has extended the deadline in different cases.
Know ITR Date Extension in Points
- This is the third time the Income Tax Department has extended the last date for filing income tax return.
- Returns for individual taxpayers are to be filed by 31 December 2020.
- At the same time, the last date for filing returns for those accounts for which audit is necessary, 31 January 2021 has been kept.
- The last date of the trust scheme from the dispute was 31 December 2020, which has now been extended to 31 January.
- For taxpayers and companies whose accounts need to be audited, the last date for filing income tax return has been extended till February 15.
- Due to any foreign transaction and special domestic transaction cases, the due date will be extended from 31 January to 15 February 2021.
- There are consequences and late payment fees on filing late income tax returns.
- This earth is like a hotel where you have to pay money to buy and possess anything you want. Our real home is Satlok where everything is free. Do try to attain Salvation.
ITR Date Extended Thrice
Earlier the Income Tax Department had extended the last date from 31 July till 30 November, then it was extended till 31 December and now it has been extended again till 10 January.
What are the Consequences of not Filing ITR till the Last Date?
The biggest problem when filling the ITR after the last date is that huge fines have to be paid. Under section 234F, after filing the ITR after December 31, you will have to pay a fine of Rs 10,000. Even if your income is less than Rs 5 lakh, you will have to pay a fine of Rs 1000. That is, even if there is no tax on income up to 5 lakh, but due to filing ITR late, there will be a penalty.
Exemptions are not available under Section-10A and Section-10B of Income Tax Act. Similarly, if you delay in filing ITR, you will not get the exemption under Section 80 IA, 80IAB, 80IC, 80ID and 80IE. The benefit of deduction under Section 80 IAC, 80IBA, 80JJA, 80JJAA, 80LA, 80P, 80PA, 80QQB and 80RRB will also not be available.
If you file income tax returns after the due date, the longer you take, the more you will have to pay interest at the rate of 1% per month on your tax paid under section 234A. Any individual can fill up all these penalties till 31 March 2021 and file a late income tax return. However, three years ago, there was no revision in the case of filing late returns, whereas now taxpayers can file the revised ITR.
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If a person crosses the threshold of filing late returns, then the Income Tax Department can take action against him. There is also a provision of jail for 3 months to 2 years under this act. If the outstanding tax amount is more than 25 lakhs then this punishment can also be up to 7 years. If someone falsely shows his income less then also strict action can be taken against him by the Income Tax Department.
Tax Rate Depends on the Individual’s Income
- If an individual earns between Rs 2.5-5 lakh income tax is payable at the rate of 5 percent.
- Individuals with income between Rs 5-10 lakh, the tax is payable at the rate of 20 per cent.
- Individuals earning more than Rs 10 lakh, tax is payable at the rate of 30 per cent.
And For Senior Citizens Tax Rate Is
Senior citizens earning up to Rs 3 lakh in a year are likely to pay no income tax. Senior citizens with income between Rs 3-5 lakh are supposed to pay income tax at the rate of 5 per cent and senior citizens with income between Rs 5-10 lakh have to pay income tax at 20 per cent and senior citizens with income of more than Rs 10 lakh have to pay tax at the rate of 30 per cent, according to Income Tax department Income Tax Department also levies health and education cess at the rate of 4 per cent on the amount of income-tax plus surcharge.
What is the Meaning of Income Tax Return?
Income Tax Return is the form in which individuals files information about his/her Income and tax with the Income Tax Department at the end of every financial year. Various forms are ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6, and ITR 7. When someone files a late return, then they are not allowed to carry forward certain losses. Official website address
God Kabir Inspires Everybody to do True Worship
Even to fill their stomachs, animals and birds are flying & roaming all day. The king (minister, chief minister, prime minister, president and politicians) does not have happiness even in dreams. The king collects tax from the public and live on their money. And if they do not perform true worship then they would suffer in the next births.
People/common man work hard to earn their daily bread and think that there will be happiness in the future, but only sadness is received. Kabir Sahib Ji says that after listening to My knowledge a wise man will place that knowledge in his heart, and if he is a fool, it is beyond his comprehension. For more information, please read the Sacred Book “Gyan Ganga”.
“Kabir, gyani ho to hridaye lagai, Murkh ho to gum na payee”