The Central Board of Direct Taxes (CBDT) earlier extended the last date for filing ITR for income earned in FY 2019-20 (The assessment Year 2020-21) to December 31, 2020, in view of the pandemic.
Usually, the taxpayers are supposed to file ITR by July 31 but an exception was made this year due to the pandemic. So, if you’re running late, you still have two more days to sort it out.
According to rules, those who earn Rs 250,000 or more annually are mandatorily required to file ITRs. The limit for senior citizens or those between 60 years and 80 years of age is Rs 500,000.
If you do not file your ITR by December 31, you will have to pay a penalty up to Rs 10,000. Those whose taxable income is up to Rs 500,000 will have to pay a fine of Rs 1,000 if they file their ITR after December 31.
Apart from this, those whose taxable income is more than Rs 500,000, they will have to pay a fine of Rs 10,000 rupees if they file their income tax return after December 31.
Effective from FY 2019-20, ITR filing is also mandatory if you meet certain conditions, even if your gross total income is below the basic exemption limit i.e. there is no tax liability. These conditions are:
a) If you have spent Rs 2 lakh or more on foreign travel on self or any other person in the relevant financial year;
b) If you have paid an electricity bill of Rs 1 lakh or more in the relevant FY; and
c) If you have deposited Rs 1 crore or more in one or more current accounts maintained with a bank or co-operative bank.a
According to the Income Tax department. Almost 1.5 lakh ITRs were filed in just one hour between 7 to 8 pm yesterday.
The IT department also confirmed that more than 4.23 crore returns had already been filed till December 27, 2020.
The Central Board of Direct Taxation (CBDT) took to its Twitter handle to remind the taxpayers about the approaching deadline for the assessment year 2019-20 to avoid last-minute haste.
