Conditions When You Can File Belated ITR without Late Fee

31st Dec 2021 is the due date to furnish the ITR for FY 2021. The majority of the assessees who were unable to furnish the tax returns within time should need to furnish the penalty to furnish Income tax return for the AY 2020-21 on missing the date of 31st December. 

But some assessees are privileged from furnishing the late fee even after the passing of the last date. Towards the same assessee’s the due date to furnish the late tax return for the Financial year 2021 is 31st March 2022 so as to prevent the penalty. 

Do You Also Get Privilege of Filing Penalty to Furnish Belated ITR?

Within the last date, the income tax department directed the assessee to furnish their income tax returns. But if you lose the last date then you could still furnish the income tax return excluding any late fee.

The tax return is enabled to file online and offline by people. An assessee was needed to pay the fine of Rs 10000 till the former assessment year for losing or misses to file the returns by the prescribed last date. However, for the assessment year 2020-21, the highest penalty stands at Rs 5000 for furnishing ITR after 31st Dec 2021 but prior to 31st March. 

Rs 1000 would be levied as a penalty if your income is Rs 5 lakh. But if your income does not come under the taxable class then you do not need to furnish any fine on furnishing the tax returns post to the last date. But the same law is a peculiarity. 

What is The Method to Furnish The Belated Tax Returns?

Late return undergoes an Income tax return which is filed by the assessee post losing of the last date. The assessee furnishes the late return under section 139(4) of the income tax Act. The procedure to furnish the late tax return is identical to furnishing the normal ITRs, choose the subjected ITR form and furnish the needed details online or offline. 

Therefore, if taxpayers want to furnish the belated tax returns via software, if yes then here you came to the right place, SAG Infotech offers the best Gen IT software with new features that can help to file ITRs easily. Taxpayers can choose our filing software and avoid penalty to furnish the belated ITR.