Team IN Filings

Tax filing after Due date? what will happen?

tax filingIncome tax return Filing in Bangalore Karnataka

The last date to file the tax return (ITR) for the financial year 2020-21 has ended on 31-12-2021.

As per report from Income Tax Department, more than 5.78 Crore taxpayers had filed their tax return for the financial year 2020-21 till 7 pm on 31/12/2021.

As we have seen, for the past few months, the tax department has been sending sms, emails and sending circulars through various media been advising taxpayers to file their tax return before the end of the deadline. However, if somehow you miss the deadline, you can still do but by paying a late fee or penalty.


Income tax late fee

Late filing penalty for not filing on time is Rs 5000 (Five Thousand)

Late Penalty for those whose taxable income is less than Rs 5 lakh is Rs 1000

No late fee if your salary is less than Rs.2.5 Lac as a taxable income.

Please make note, as per IT Laws, in below as an individual must file there IT Return:

Income is crossing the limit of Rs2.5 Lac a year.

Foreign travel spent for himself/ or his family members of Rs.2 Lac and above

Deposit amount in aggregate with banks is more than 1 Cr in a year

Payment of electricity bill in aggregate exceeding Rs 1 Lac in a year


Thus, if your gross total income exceeds Rs.2.5 Lac a year, you will have to mandatory to file income tax return. Missing the income tax deadline will lead to penal consequences.


For the Business, where Tax audit is mandatory, then the due date for the same as follows:

Due date of filing the ITR for the financial year 2020-2021



Tax audit applicability:

According to the amended Income tax Provisions, taxpayers are compulsory to get their accounts tax audited if their sales, turnover or gross receipts from business exceed INR  10 Crore, or Rs.5 Crore under LLP.

For more about tax audit, read our article here.


We Team IN filings, Bangalore help the business in the above areas of Income tax law. We are providing Income tax related service to individuals, Business from last 10 years.


For more about tax and ITR filing, visit or write to [email protected]


About Team IN Filing

Team CA CS office Bangalore provides service for Company Registration Bangalore, include Pvt Ltd, public limited, Firm, partnership firm Bangalore,  Finance company, registration of Chit fund, LLP Bangalore, single owner company.

We manage the Audit, tax filing, Income tax advisory and accounting

Supporting for best CS office for business Registration and Company setup

Our qualified and experienced CA provides best Tax plan and policy process

One source for GST registration and GST, Tds, Pf Esi and Tax filings

We protect the brand by Trademark registration and Startup India

One office solution for Registration on DPIT and labour Ekarmika, PF and Esi services

Advise for business compliance filing with Mca, Roc and IPR


Reach us at

Team IN Filing, # 188/1, 1st Floor

Sahakarnagar, Bangalore 560092, Mob: 7019827351, 8792858436, 7892256853

Want to consult us?

Call us at : +91 7019827351

Need Help?

I’m Here To Assist You

Something isn’t Clear?

Feel free to contact me @ +91 7019827351, and I will be more than happy to answer all of your questions.