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5/31/21

Today is the last chance to file an income tax return, if not, you will have to pay a fine of Rs 10,000

Information:   Today is the last chance to file an income tax return, if not, you will have to pay a fine of Rs 10,000










Today is the last date to file Billed or Revised Income Tax Return (ITR) for the financial year 2019-20. The date was extended from March 31 to May 31, giving relief to taxpayers during the Corona period. After May 31, you will have to pay a penalty of Rs 10,000 for paying billed or revised income tax.

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After May 31, you will have to pay a fine of Rs 10,000.
If you file a billed return, you will have to pay a fine of Rs 10,000. If there is a self-assessment tax pending, a penalty of 1% per month is levied. On May 20, 2021, the Income Tax Department issued a notification in this regard.

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What are billed and revised returns?
Billed returns are filed after the original deadline for filing returns for the financial year has passed. The taxpayer will have to pay a fine for this. A revised return is filed if there is a mistake in the original return filing. Billed ITR is filed under Section 139 (4) of the Income Tax Act, 1961. As well, the revised ITR is filed under Section 139 (5). The billed return is credited with a late filing fee of Rs 10,000.





The last date for filing ITR for the
financial year 2020-21 has been extended. The last date for filing income tax returns for the financial year 2020-21 has been extended from 31st July to 30th September. The CBDT has taken this decision under sub-section-1 of section-139 of the Income-tax Act.

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