If you failed to file your ITR by January 31st, don't worry that you can still file the file but with the expense?
The date of filing of Income Tax Return (ITR) for the financial year 2010-2010 i.e. the year of assessment for the general category of taxpayers is 2020-2012 and the majority of the individual taxpayers have been included, which was 30th July 2020, was extended till 10th, ending 2021 January. What will happen if you miss the bus and fail to file your ITR by the extended deadline? Let us discuss.
The scheduled date is also the last date to file ITR?
People usually have the idea that you can't submit your ITR even on the scheduled date which is not the correct date. There are two different dates for ITR filing. One is the due date and the other is the end date. If you fail to submit your ITR by the due date, you can still file by the deadline. The deadline for submission of ITR for the 2020-2011 assessment was extended from January 10, 2021, but the last date is March 21, 2021. So the due date is not the last date but if you follow a few results you submit your ITR after the due date.
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What happens if you miss the deadline? If you fail to submit your current ITR by January 10, 2021, you will be able to do so by March 31, 2021, but you will lose your right to any loss against next year's income. So, if there is a loss or capital gain under your main business income or a loss of more than two lack rupees under the head of home property for the current year and you are entitled to proceed to set up in the following years, you should miss the January 10, 2021 deadline. Even you can't able to do that. If the taxes paid by you or on your behalf are more than your tax liability and therefore you are entitled to a refund for the additional taxes paid, you may not be interested in the additional taxes paid for this period. If there is a deficit in the duty payable to you as opposed to your overall tax liability, in addition to the interest on such deficit, you will also have to pay interest for the delay in submitting your ITR even if you have already paid the crisis after March 31, 2020. Delay in the submission of your ITR will be applied from the original due date of interest i.e. if the national deficit is more than one lakh on 31st July 2020 otherwise interest will be payable from 10th January 2021.
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Late payment for filing your ITR after the due date
In addition to the above results, if the ITR is submitted after the due date as extended, you will be required to pay a delay fee when filing the ITR. Under normal circumstances, you have to pay a late fee of Rs 10,000. If the ITR is submitted by 31st December, however, as the 2020-2021 assessment date itself is extended to 10th January 2021, you will not be charged any late fee for submitting ITR by 10th January 2021. However, if you are after 10th January 2021 If you file your ITR, but within the last date i.e. 20th March to 31st March you will get Rs. ten thousand in case your taxable income is more than Rs.5 lac. Late fees are limited to Rupees One Thousand if the taxable income is below Rs. 5 lac.
So if you have to submit your ITR as per the basic discount limit like your total income or due to ownership of any property outside of you or as a signatory to an account outside India to spend a certain amount on electricity or overseas travel, you have to submit after January 10, 2021, If you miss the bus and cannot file the ITR, you will have to pay the late fee as discussed above.
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What happens if you fail to submit ITR even after the deadline?
If you fail to file this file by March 31, 2021, the Income-tax department may charge you a minimum penalty equal to 50% of the income-tax and interest-liability tax that you may have avoided so far, in response to the tax department's notification of your date. File ITR.
Very few people know that the government has the power to prosecute you and if you do not file an ITR you have the power to put you in jail. Current income tax laws provide for a minimum of three years imprisonment and a maximum of seven years imprisonment. It is not that in every case of failure to file an ITR the department can handle the case against you. If the income tax department wants to avoid it, it can handle the case only if the amount of tax exceeds Rs 10,000/-.
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