Income Tax Returns: The last date to file your returns on income for the financial year 2019-2020, or assessment year 2020-2021, is today, March 31. If you still not filed your income tax returns, you can do so by today with the late fee payment as set by the Income Tax (I-T) department. The deadline for filing ITR for the financial year 2019-20 was set as January 10, 2021, without the payment of any late fee. However, in view of providing relief amid the COVID-19 pandemic, the I-T department informed that all those who could not file their returns on income by January 10, can file the same with a late fee by March 31. (Also Read: Filed Your Income Tax Return? Here's The Right Form For You )
In a recent tweet, the Income Tax department notified that in case the tax is deducted on one's income/receipts, but the income tax return is not yet filed, then one should file the same at the earliest. Filing income tax returns after the due date attracts late fee under section 234F of the Income Tax Act, according to the I-T department. Based on the degree of delay in filing returns, the late filing fee is charged by the department.
In this regard, a taxpayer will pay a late fee of Rs 5,000 if the return is furnished on or before December 31 of the assessment year. In all other cases, the late filing fee on filing income tax returns increases to Rs 10,000, if done between January to March this year.
However, all taxpayers who have an annual income of Rs 5 lakh, will need to pay a late fine of Rs 1,000 only, if filing income tax returns after the deadline. Additionally, the process of filing belated income tax returns is the same as filing ITR before the deadline.
Here's a step-by-step guide on how to file belated income tax returns:
- Go to the income tax department's portal - incometaxindiaefiling.gov.in and click on 'log in here'.
- If you have not registered yourself on the income tax website, register using your unique Permanent Account Number or PAN card.
- After logging in, select the correct ITR filing option, select the correct assessment 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 'taxes paid and verification' tab.
- Click on preview and submit.