Income Tax Return Alert: Individual taxpayers, pay attention, please. You must file your Income Tax Return on or before September 30 or you will have to pay a late fee of Rs 5000. The Central government recently extended the deadline for ITR filing to September 30 due to the COVID pandemic. However, if an individual taxpayer fails to file ITR within due date, then they will have to pay interest on tax due, according to Income Tax Department.
As per section 234F, late filing fees of Rs 5,000 shall be payable if return furnished after due date specified under section 139(1). However, the amount of late filing fees to be paid shall be Rs 1,000, if the total income of the person does not exceed Rs 5 lakhs.
However, it must be noted that late filing fee under section 234F will not be leviable in case you are not required to file ITR as per section 139 but filing it voluntary though after the due date.
Income Tax Return: Here’s how to file it
- First, you need to go to the official website https://www.incometax.gov.in for e-filing the return of income.
- Then, you will have to login to e-Filing portal by entering user ID (PAN), Password, Captcha code and click ‘Login’.
- After that, you will have to click on the ‘e-File’ menu and click ‘Income Tax Return’ link.
- On the Income Tax Return Page: PAN will be auto-populated. Select ‘Assessment Year’, Select ‘ITR Form Number’, Select ‘Filing Type’ as ‘Original/Revised Return, ‘Select ‘Submission Mode’ as ‘Prepare and Submit Online’
- Click on Continue.
- Then you will have to read the instructions carefully and fill all the applicable and mandatory fields of the online ITR form.
- Choose the appropriate Verification option in the ‘Taxes Paid and Verification’ tab.
- Click on ‘Preview and Submit’ button, Verify all the data entered in the ITR.
- ‘Submit’ the ITR.
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