Missed ITR filing deadline? Check what happens if you don’t submit returns on time

 


New Delhi: The last date to file the income tax return (ITR) for the assessment year 2020-21 was December 31. According to the Income Tax Department, more than 5.78 crore taxpayers had filed the ITR for the financial year 2020-21 till 7 pm on December 31. 

“More than 5.78 crore #ITRs for AY 2021-22 filed till 7pm today compared to 5.95 crore #ITRs for AY 2020-21 filed till 10th January, 2021(extended due dt for AY 2020-21).
This includes 35.74 lakh ITRs filed today with 4.55 lakh ITRs filed in last one hour,” Income Tax Department said in its tweet. 

For the past few months, the tax department has been advising taxpayers to file their ITR before the end of the deadline. However, if somehow you miss the deadline, you can still do but by paying a penalty.

Late ITR filing can be done both online and offline. The penalty for not filing income tax returns on time is Rs 5,0000. Earlier, the tax department penalised defaulters with a penalty of up to Rs 10,000. The penalty was decreased to Rs 5000 for the assessment year 2020-21. 

For those earning less than Rs 5 lakh (annually), the penalty for filing tax returns after the deadline is Rs 1,000. Moreover, if your salary is less than the taxable limit, you are not even required to pay the penalty incase you miss the ITR filing deadline. However, the rule is subject to certain exceptions.

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