Income Tax Audit Due Date Extension Nearing its End : File Your ITR Soon or Pay Late Fee Penalty!
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The Income Tax department of India has announced that the final Audit Due Date Extension is now Nearing its End. They have also warned that if you fail to file your ITR in time then you will be liable for a late fee penalty.
Many chartered accountants and other related professionals have urged the department to extend the due date because of limited time and struggling businesses due to the pandemic. Although, till now, the department hasn't officially announced any extension so most probably this will be the final date to pay.
Currently, around 5.16 Crore ITRs have been filed as compared to 5.65 Crore in 2019 so people are following the norms and doing it quickly. Besides, the impact of high penalty implementation can also be seen this year.
Normally, the income tax returns are filed in July, but due to the pandemic the government preponed the date to 30th November, 2020. After this, it was rescheduled to 31st December, 2020. Finally, it was slated for the last date to file ITR for 2020-21 i.e. 10th January, 2021. The finance community is still demanding further extension till 31st January, 2021 which seems very unlikely to happen, but you never know because it's India!
Earlier, the penalty for people with less than Rs 5 lakh of income was Rs 1000 and Rs 5,000 for others, but now it has been increased. If you fail to file your ITR before the due date then you have to pay a penalty of upto Rs 10,000. The exact figure is not clear yet, but rumours are that a strict penalty of Rs 10,000 can be levied on defaulters.
Have You Filed Your ITR yet? If not then do it soon to avoid any late fees and other issues. What do you think about the strictness of the Income Tax department? Do share your valuable views via our comments box below. You can also check out our article on Stockal Global Investing - How to Invest in USA Stocks like Facebook, Google, Alibaba, Apple, Starbucks etc from India?
Last date December fr filing return.. chose 21-22 assessment year n karlo ..see utube how to file
If my salary is less than 5 lakh , do I need to file ITR
Time par bharo.. dnt give chance to this filthy govt
If need any assistance on ITR’ S, DM me
“We are factoring in the delays caused due to the technical glitches on the new portal. The extension of dates will be notified in the coming day or two. It will leave taxpayers with sufficient time to comply. We will ease their nervousness,” a government source told Business Standard.
The date will be definitely extended as new website has still several glitches which Infosys and Govt are aware of and they are struggling to keep it running since its launch on June 7 but failed to do so
Bro this article is about last year’s ITR filing.
They fined me 5k once n i could not file ITR without paying fine. Chor govt
The Income Tax department of India has announced that the final Audit Due Date Extension is now Nearing its End. They have also warned that if you fail to file your ITR in time then you will be liable for a late fee penalty.
Many chartered accountants and other related professionals have urged the department to extend the due date because of limited time and struggling businesses due to the pandemic. Although, till now, the department hasn't officially announced any extension so most probably this will be the final date to pay.
Currently, around 5.16 Crore ITRs have been filed as compared to 5.65 Crore in 2019 so people are following the norms and doing it quickly. Besides, the impact of high penalty implementation can also be seen this year.
Normally, the income tax returns are filed in July, but due to the pandemic the government preponed the date to 30th November, 2020. After this, it was rescheduled to 31st December, 2020. Finally, it was slated for the last date to file ITR for 2020-21 i.e. 10th January, 2021. The finance community is still demanding further extension till 31st January, 2021 which seems very unlikely to happen, but you never know because it's India!
Earlier, the penalty for people with less than Rs 5 lakh of income was Rs 1000 and Rs 5,000 for others, but now it has been increased. If you fail to file your ITR before the due date then you have to pay a penalty of upto Rs 10,000. The exact figure is not clear yet, but rumours are that a strict penalty of Rs 10,000 can be levied on defaulters.
Have You Filed Your ITR yet? If not then do it soon to avoid any late fees and other issues. What do you think about the strictness of the Income Tax department? Do share your valuable views via our comments box below. You can also check out our article on Stockal Global Investing - How to Invest in USA Stocks like Facebook, Google, Alibaba, Apple, Starbucks etc from India?