Tax returns: The last date to file your tax returns for the 2019-2020 fiscal year, or the 2020-2021 tax year, is today, March 31. If you still haven’t filed your income tax returns, you can do so by today with the late payment fee as defined by the Income Tax (IT) Department. The filing deadline of the RTI for the 2019-2020 fiscal year was set for January 10, 2021, without payment of late fees. However, in an effort to provide relief amid the COVID-19 pandemic, IT has advised that anyone who cannot file their tax returns by January 10, can do so with late fees by January 31. March.Read also: Have you filed your income tax return? Here is the right form for you)
In a recent tweet, the Income Tax Department informed that if tax is deducted from their income / receipts, but the tax return is not yet filed, it should be filed as soon as possible. Filing tax returns after the due date incurs late fees under Section 234F of the Income Tax Act, according to the IT department. Depending on the degree of delay in filing returns, late filing fees are charged by the ministry.
In this regard, a taxpayer will pay a late fee of Rs 5,000 if the return is provided on or before December 31 of the tax year. In all other cases, the late filing fee for filing tax returns increases to Rs 10,000, if done between January and March of this year.
However, all taxpayers who have an annual income of Rs 5 lakh, will have to pay a late fine of Rs 1000 only, if they file tax returns after the deadline. In addition, the process for filing late tax returns is the same as for RTI before the deadline.
Here is a step-by-step guide on how to file late tax returns:
- Go to the Income Tax Service portal – incometaxindiaefiling.gov.in and click “Login here”.
- If you haven’t registered with the Income Tax website, register using your unique permanent account number or PAN card.
- Once logged in, select the correct ITR filing option, select the appropriate contribution year, ITR form number, and filing type – original or revised return.
- Now click on submit and continue.
- Read all instructions carefully and fill in all mandatory details in the form.
- Select the verification option in the “Taxes paid and verification” tab.
- Click preview and submit.