Submit ITR for AY 2020-21 on time/face a penalty Fee of Rs 10,000
CBDT made 2-time Penalty for Missing ITR Due Date this Year
The Govt has increased the due date to submit ITR for the FY 2019-20 to 10th Jan 2021, beyond the usual date of July 31, due to COVID 19. CBDT has issued a penalty for missing the due date, by imposing a penalty fee up to INR 10K as last time INR 5k imposed last year. Moreover, in the Budget 2019, Exemptions to rule due to the amendments made in the Income-tax Act, 1961, which stipulates the below person will not be exempted from the penalty
- Individuals who have deposited an amount or aggregates of the amount exceeding INR 1 cr in one or more banking accounts
- Individuals who have incurred expenditures exceeding INR 2 lakh due to foreign travel.
- Individuals who incur made an expenditure of INR 1 lakh & more due to electricity consumption.
Submit the ITR dues also ensure that interest payable on the income tax refund is calculated from April 1 of the relevant AY. In the case of belated filings, the individual loses out on some amount of interest.
“In view of the continued challenges faced by taxpayers in meeting statutory compliances due to outbreak of COVID-19, the government further extends the dates for various compliances,” said the CBDT in a statement.
In conclusion, section 234F explain the below summary of penalty Fee appliable :
|Applicable Late Filing Fee Details as per section 234F|
|E- Income tac Filing Date||Total income Below INR 5 lakhs||Total income Above INR 5 lakhs|
|Up to 31st August 2020||Rs 0||Rs 0|
|Between 1st September 2020 to 31st December 20||Rs 1,000||Rs 5,000|
|Between 1st January 21 to 31st March 21||Rs 1,000||Rs 10,000|
Applicable kind of income tax form
|ITR 1 (SAHAJ)||Individuals with Salary & interest Income only|
|ITR 2||Individuals and HUF not having income from business/profession|
|ITR 3||Individuals/ Hindu Undivided Families being partners in firms & not carrying out business or profession under any proprietorship|
|ITR 4||Individuals & Hindu Undivided Families having a proprietary business or profession income|
|ITR 4S (SUGAM)||Individuals or Hindu Undivided Families having presumptive business Income|
|ITR-5||In order for AOP & BOI, LLP, & Partnership firms to report their income and tax computation.|
|ITR-6||Co that are registered in India use this form.|
|ITR-7||In case entities are claiming an exemption as colleges, scientific research institutions, political parties or universities, and religious or charitable trusts, this form must be used.|
Normal Due date of Advance Tax under the income tax act
|Installments||Rate of Advance Tax||Total Liability/due under advance Tax|
|First Installments||15 %||4,80,000*15%= 72,000|
|Second Installments||45%||4,80,000*45%= 2,16,000|
|Third Installments||75%||4,80,000*75%= 3,60,000|
|Fourth Installments||100%||4,80,000*100%= 4,80,000|
kind of Interest U/s 234 of the income tax act 1961
three kinds of Interest payable u/s 234 as below mention hereunder :
- Interest under section 234A- Delay in Filing of Income Tax Return
- Interest under section 234B- Delay in payment of Advance Tax
- Interest under section 234C- Short payment of Advance Tax
The last date for filing income-tax returns has been extended
Tax returns for 2020-21 (The assessment Year 2019-20 ) were original to be filed by July 31. But in view of the day-long strike at public sector banks, the deadline has been extended to 10th Jan 2021.
For Jammu and Kashmir, the deadline will be 10th Jan 2021 in view of the ongoing turmoil in the state.