How to file Belated Income Tax Return for FY 2020, check here
Check here the step-by-step information to file Belated Income Tax return.
The federal government has prolonged the timelines for numerous earnings tax compliances, together with the submitting of belated or revised return for 2019-20 fiscal, until Might 31.
The Central Board of Direct Taxes (CBDT) has stated that the submitting of the belated earnings tax return beneath sub-section (4) and revised return beneath sub-section (5) of Part 139 of the Income Tax Act, 1961, for the evaluation yr 2020-21 has been prolonged to Might 31, 2021. The earlier deadline for the submitting was March 31, 2021.
An ITR filed after the due date is known as a belated return. Check here the step-by-step information to file a Belated Income Tax Return.
Penalty for late submitting of earnings tax return:
In the event you file your ITR after the deadline, then a late submitting charge might be levied. The utmost penalty might be up to Rs. 10,000. However, if the tax evaded exceeds Rs 25 lakh the punishment might be 6 months to 7 years”, as per the web site of the Income Tax Division.
Here is how to file an Income Tax Return after the due date:
The method of submitting a belated return is similar as submitting the return on or earlier than the due date. If a belated return is filed after the earnings tax due date, the taxpayer can be liable to pay the tax together with Curiosity @ 1% per 30 days (easy curiosity) beneath Part 234A.
If you’re submitting a belated return for FY2019-20, you then want to fill the relevant ITRs as notified for this FY, and never for any earlier or later FY. The related evaluation yr for a monetary yr is the instantly succeeding monetary yr.
This implies which you could file a belated return for FY2019-20 by March 31, 2021, i.e., earlier than the top of the evaluation yr (AY)2020-21. The CBDT offered aid to taxpayers in view of the present Covid-19 pandemic. Now the final date to file belated ITR for the evaluation yr 2020-21 has been prolonged to Might 31, 2021.
READ: ITR Refund: How to check your Income Tax Refund standing
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