Income Tax Last Date Has Been Extended To 31st July, What Happens If You Don’t File?

Income Tax

Income Tax Return (ITR) is a form that a person can submit to the Income Tax Department of India. It contains information about the person’s income and the taxes paid on it during the year.

Income Tax Return (ITR) Filing the last date has been extended from July 31, 2021, to September 30, 2021, due to the Covid 19 situation. The central government had announced that the deadline for filing ITR for Financial Year 2020-21 was extended due to the prevalent Covid pandemic situation.

How is the taxpayer required to pay?

According to the media report, in case of delay in paying the income tax, the taxpayer must pay interest on the outstanding tax under three sections 234A, 234B, and 234C of the Income Tax Act 1961.

The interest will be charged at the rate of 1% every month on the outstanding tax amount as per section 234A if you miss a deadline. Even if you miss a date by 5 or 6 days, you will be charged for the whole month because a delay of 6 days will be considered a delay of one whole month.

Income Tax Return E-Filing Last Date, ITR Filing Last Date

Income can be of various forms such as Income from salary, Profits, and gains, from business and profession, Income from house property, Income from capital gains, Income from other sources such as dividends, interest on deposits, royalty income, winning on lottery, etc.

The Statement of Income paid or credited by an investment fund to its unit holder in Form No. 64C for the Previous Year 2020-21, required to be furnished on or before July 31, 2021.
The Quarterly Statement in Form No. 15CC to be furnished by an authorized dealer regarding remittances made for the quarter ending on June 30, 2021.
The Equalization Levy Statement in Form No. 1 for the Financial Year 2020-21 is required to be filed on or before July 31, 2021.

This new system for the Financial Year 2020-21 can either be a boon or a bane. Stay tuned for further updates!

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