The last date for filing Income Tax return for the Financial Year 2020-21 (Assessment year 2021-22) was Dec.31, 2021, which is over now. The tax-payers who have not filed their Income Tax return can still file before Mar. 31, 2022, with a fee for delay in furnishing the return of income.
As per the Income Tax rules, fee is payable under Section 234F of the Income Tax Act for non-filing of returns before due date of 31.12.2021. Tax-payers can file their Income Tax return for the FY 2020-21 by paying a fee of Rs.5,000 where the total income, after allowing applicable deductions and exemptions, exceeds Rs. 5 lakh. If the total income is less than Rs. 5 lakh, fee will be Rs.1,000 only. There will be no late fee for those whose total income is within the threshold limit of exemption. Those tax-payers who have already filed their Income Tax return and wish to file a revised Income Tax return, they can still file the revised return before Mar.31, 2022, according to N.D. Shreenivaas of Bhavani Associates, Mysuru.
This post was published on January 8, 2022 3:31 pm