Towards distinct tax compliances, the government has postponed the duration which too engaged furnishing of the late or revised return for 2019-20 fiscal, till May 31.
The Central Board of Direct Taxes (CBDT) states that the furnishing of the late income tax return beneath sub-section (4) and revised return under sub-section (5) of Section 139 of the Income Tax Act, 1961, for the assessment year 2020-21 is postponed to 31st, May 2021. The last date for furnishing the income tax return was 31st March 2021.
An ITR filed post the last date is known as belated return. Below are the mentioned steps to furnish the belated income tax return.
Penalty for Late Furnishing of The Income Tax Return:
If you furnish the ITR post to the last date then the late furnishing fee will be imposed. Rs 10k is the maximum penalty. If the tax theft is is more than Rs 25 lakh the punishment can be 6 months to 7 years under the mentioned norms of the income tax department.
Below is The Procedure to Furnish The Income Tax Return Post The Last Date:
To file the belated returns posses out the same process as filing the return on or prior to the last date. If the late return is furnished post to the income tax last date the assesse will be eligible to furnish the tax along with the interest of 1% per month (simple interest) beneath section 234A.
If you are furnishing the late returns for the Financial year 2019-20 then you just urged to furnish the applicable ITRs as mentioned for this FY and not towards the before or later FY. The related assessment year towards the fiscal year is the quicker resulting FY.
This shows that one has to furnish the late income tax return for FY 2019- 20 by 31st March 2021 that is prior to the finish of the AY 2020-21, the CBDT has given the relaxation to the assesse towards the present covid-19 situation. But now the last date to furnish the late ITR for the assessment year 2020-21 is prolonged to 31st May 2021.
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