The deadline for filing the income tax return has been extended yet again, this time by 10 days to January 10, 2021. Also, the deadline for filing tax returns by businesses has also been extended till a later date.
If in case the ITR is not filed by the deadline, a penalty will be imposed on defaulters.
Read on to find out more details!
Deadline For Filing ITR Extended By 10 Days By Government; New Last Date Is January 10
The Government has announced that the deadline to file income tax returns (ITR) for individuals by 10 days to January 10, 2021. The finance ministry has also issued a statement, wherein, the deadline for filing tax returns for businesses was extended till February 15.
This is not the first time that the government has extended the deadline to file the ITR, in fact, its the third time. The first extension of the deadline announced by the government was to November 30, 2020, from the normal deadline of July 31. After that, the deadline was again extended to December 31, 2020.
The deadlines were primarily extended due to the consequences of the coronavirus pandemic and the lockdown imposed in India.
Penalty If ITR Is Not Filed After This Date
There will also be a penalty levied in case the ITR is filed after the deadline. If the ITR is filed after the deadline, the maximum penalty that will be imposed is Rs. 10,000. If you file the ITR after the due date, 31 August but before December 31, a penalty of Rs. 5000 will be imposed.
If the returns were filed later than December 31, 2020, the penalty will be Rs. 10,000. However, relief will be given to small taxpayers; the department has stated that if the total income does not exceed Rs 5 lakh, the maximum penalty levied for delay will be Rs 1000.
The website of the Income Tax Department states that in case the amount of tax evasion is more than Rs. 25 lakh the punishment could be imprisonment of 6 months to 7 years.
Also, reports suggest that the due date for filing declaration under the direct tax dispute resolution scheme Vivad Se Vishwas has been extended by a month till January 31. Other than that, the date for filing GST annual return for the 2019-20 fiscal year has also been extended by two months till February 28, 2021.
The statement issued has stated that the extension of the deadline, January 10, 2021, is for filing the ITR for the 2019-2020 financial year, the assessment is 2020-2021. This is for the individuals whose accounts are not required to be audited and those who normally file their income tax returns through ITR-1 or ITR-4 forms, as applicable.
Also, the deadline for other taxpayers whose accounts are required to be audited, and this includes partners of a firm, and/or those who have to submit reports in respect to international financial transactions has been extended to February 15, 2021.
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