Now you will be able to file Income Tax Return till 31st December for the financial year 2020-21. The government has extended its last date which was September 30 earlier. Also, the last date for filing late or revised income tax returns has also been extended from January 31, 2022, to March 31, 2022. This information has been given by the Central Board of Direct Taxes (CBDT).
Earlier, the date for filing income tax returns was from July 31 to September 30. It is worth noting that due to the Corona pandemic, the date of filing returns was extended three times last year.
From the employer this year, the government had twice extended the deadline for getting Form 16. Its last date was from 15 June 2021 to 15 July 2021 earlier. Then it was extended to 31 July 2021.
To file their returns, this left two months for the individuals. But due to the slow down of the new portal, income taxpayers started facing a lot of problems in filing returns in it.
There were many problems with the new portal created by Infosys. The site was not working properly and two and a half months after it was launched on June 7th. To overcome this difficulty, the government at its level asked Infosys.
Finance Minister Nirmala Sitharaman had even summoned the chief executive of Infosys and Md Salil Parekh on 23 August. He openly told Infosys that it should solve the problems that come with the new income portal on September 15 anyway.
The Income Tax Department has created a number of ITR forms for filing returns. You should choose an ITR form carefully based on your income source. Failure to do so will result in the Tax Department withdrawing it.
You will then be asked to file a revised return under section 139(5) of Income Tax. Those who have an annual income up to Rs 50 lakh from salary, property rent, and other sources can file ITR-1 Sahaj Form. At the same time, those earning more than this have to fill ITR-2 form.
The government imposes a penalty on the income taxpayer for not filing the income tax return on time. There is a late fee of Rs 5,000 for filing returns after passing the deadline. If the return is not filed by 31 January 2022, the return for the financial year 2020-21 cannot be filed till the notice is received. In such a situation, the income taxpayer will have to pay 1% interest every month along with a late fee of Rs 5000.
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