Posted by Greetings from Classic Associates! Tuticorin
Due Date for file Income Tax Return with late fee:
Non-Audit-cases
The common due date of filing the Income Tax Return by Assessee whose Books of Account are not required to be audited is 31st July 2020. CBDT has extended income tax due dates for non-audit cases till 10th January 2021
Audit Cases
The general due date for filing the Income Tax Return for the audit cases is 31st October 2020 but the finance ministry has extended it till 15th February 2021.
File Tax Returns for A.Y. 2020-21 before 31st March with Penalty
The income tax department notified the taxpayers for late filing of tax returns for A.Y. 2020-21, along with a penalty of INR 5000 (on filing the return after the due date but on or before 31st December) and INR 10000 (on the filing of return after 31st December to 31st March). The taxpayer has to file the late filing of tax returns for A.Y. 2020-21 before 31st March anyhow. Also to note that the penalty is applicable even if the taxpayer files the returns before 31st March while there is no option to file the returns after 31st March 2020. However, if taxpayer’s total income does not exceed Rs 5 lakh, then the maximum penalty levied for delay will not exceed Rs 1000.
