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New Delhi: The last date for filing Income Tax Return file is 31st December 2021. If you forget this deadline, you may have to pay a fine of Rs 5,000. However, there are some tax payers who can file their ITR without any penalty even after the expiry of time. Let us tell you which tax payers will get a discount.
Let me tell you that the Central Board of Direct Taxes (CBDT) has once again extended the deadline for filing ITR for the financial year 2020-21 to 31 December 2021. Filing ITR after December 31 will result in a fine of Rs 5,000.
A fine of Rs 5,000 has to be paid
Filing a return after the date given by the government can result in a fine of Rs 5,000. This is mentioned in section 234F of the Income Tax Act. However, if the tax payer’s income is within Rs 5 lakh, then the only role is to pay Rs 1,000 as late file. Earnings over Rs 500,000 will be fined.
Who doesn’t have to pay a penalty?
For those whose gross total income does not exceed the basic waiver limit, there will be no penalty for delay in filing ITR. If the gross total income is less than the basic limit of exemption, then no file under section 234F will be filed for late return filing.
How to file ITR (e-filing portal):
If you want to go to the e-filing portal and file your tax return, you can take the help of these steps.
– First go to e-filing portal incometax.gov.in and click on login button.
– Now you have to enter your username and click on Continue button.
– Now you have to enter your password.
– Now click on e-life tab and click on File Income Tax Return option.
– Select Assessment Air 2021-22 and then click on Continue option.
– You will then be asked to select the ‘Online’ or ‘Offline’ option
– Select the Online option and click on Continue tab.
– Now select the ‘Personal’ option
– After selecting Personal Options, click Continue Tab.
– Choose either ITR-1 or ITR-4 and click on Continue Tab.
– The reason for return will be asked under the 7th provision under section 139 (1) or above the exemption limit.
– Select the correct option when entering ITR online.
– Enter your bank account details.
– ITR will now be redirected to a new page for filing.
– Verify your ITR and send a hard copy of the return to the Income Tax Department.
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