New Delhi: Within the wake of the COVID-19 pandemic, the federal government had prolonged the due date of submitting all Earnings Tax Return (ITR) for FY 2019-20 to December 31, therefore there are simply 2 days remaining so that you can file your earnings tax.
This 12 months, taxpayers are required to submit the returns for the FY 2019-20 monetary 12 months and the evaluation 12 months can be AY 2020-21.
Whereas it’s suggested that you could file your ITR earlier than the top of the deadline, nonetheless if someway you miss the deadline, you possibly can nonetheless accomplish that by paying penalty.
Submitting ITR might be achieved each on-line and offline. Not submitting ITR or late submitting can appeal to penalty as much as Rs 10,000. The penalty can be selected the incomes of the person and likewise between the window by which ITR has been filed.
Right here is all you need to know concerning the penalty on late submitting of ITR:
For these incomes Rs 5 lakh p.a, ITR filed earlier than the deadline won’t contain any penalty. Nonetheless in the event you file your ITR after the deadline, you’ll have to pay a penalty of Rs 1,000.
For these incomes above Rs 5 lakh, the penalty can be Rs 10,000 for late submitting of ITR publish the deadline.
In a giant reduction to thousands and thousands of taxpayers, the federal government had prolonged the final day for submitting of Earnings Tax Returns (ITR) for the FY 2019-20 interval a number of occasions. The Earnings Tax Division had additionally issued commercial guiding taxpayers over their ITR submitting on a number of event.