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.
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:
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 www.TeamIndia.co.in or write to [email protected]
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