Kotak Life
Close

Buy a Life Insurance Plan in a few clicks

Close

Now you can buy life insurance plan online.

Kotak e-Term Plan

Kotak e-Term Plan provides a high level of protection to your loved ones in your absence. Know more

Kotak Guaranteed Savings Plan

Kotak Guaranteed Savings Plan is a savings and protection plan that helps you achieve long-term financial goals and provides an insurance cover against any eventuality. Know more

Kotak E-Invest

Kotak e-Invest plan is a complete Unit-Linked Insurance Plan that can be customized as per your goals and needs. Know more

Kotak Health Shield

Kotak Health Shield Plan helps secure your finances in sudden medical expenses such as Cardiac, Liver, Neuro, and Cancer (all early and significant illness stages/conditions of cancer), along with offering protection for personal accidents - in case of accidental death or disability. Know more

Kotak Lifetime Income Plan

Kotak Lifetime Income Plan gives you the security of your income continuing throughout your life and in your absence throughout your spouse's lifetime! Know more

What is the Last ITR Filing Date and Penalty for Late Filing of ITR?

What is the Last ITR Filing Date and Penalty for Late Filing of ITR?
  • 1st Aug 2019 |
  • 3,892

Paying taxes is a moral and lawful duty of every citizen of India. If your annual income is taxable, it is expected that you pay it on time every year, or you will face heavy penalties. If you are not aware of the ITR return last date 2021 then this article will help you know that and other important information regarding income tax returns.

Income tax filing due dates for FY 2020-21 (AY 2021-22)

Usually, the due date to file an income tax return is 31st July for individuals and non-audit cases and 31st October for audit cases of the relevant assessment year. However, the income tax return due date is extended explicitly for FY 20-21 from 31st July to 31st December 2021 (individuals and non-audit cases) and to 15th February 2022 for audit cases, due to the pandemic.

Late filing penalty fees

If you miss the ITR return last filing date for some reason, then you will have to pay a significant amount of fees to the Income Tax (IT) Department. .

However, with effect from FY 2020-21 (AY 2021-22), the penalty amount has been reduced by half, i.e., a person filing belated ITR will have to pay a penalty of up to ₹5,000. Further, if your income is below the taxable limit then you won’t even have to pay the penalty amount if you file your ITR after the deadline, subject to certain exceptions.

Benefits of filing return on time

If you want to avoid the penalty for late filing of income tax, you have to pay it before the deadline. There are many benefits of filing the ITR on time. Here are the ones that you must know about:

  • Avoid paying extra Interest on your tax
  • You have to pay 1% of interest per month on the tax payable amount. So, if you file the ITR early, you can avoid paying any additional interest, as it is applicable until you submit the return.

  • Earn interest on refund
  • If you are eligible for any income tax refund, you will receive it only if you file your ITR on time. You also receive interest on the refunded amount. However, if you do not submit the ITR on time, you are not eligible for it.

  • The option to make modifications
  • If you notice that you have made a mistake while filing your ITR, you can report the error and correct it. Doing this is important to submit an error-free return. However, this benefit is available only when you file the ITR on time.The filing errors cannot be corrected if you submit your ITR after the due date.

    Paying any penalty for late filing can be easily avoidable if you are aware of the important dates regarding the ITR. Filing the return is simple as you can complete the whole process online by visiting the Income Tax Return website.

Read Here for More Related Articles:

Kotak e-Term Plan

Features

  • Nominal Cost
  • Multiple Plan Options
  • Flexible Payout Options
  • Critical Illness Rider
  • Tax Savings
  • Long term Coverage

Ref. No. KLI/22-23/E-BB/492

T&C

Browse our library of resources

- A Consumer Education Initiative series by Kotak Life

Similar Articles

Why Surrendering Your Term Plan Policy In The Final Phase Maybe A Bad Idea?

What is a Joint Term Insurance Plan? Key Benefits of Joint Term Plan

How Much Cover Should I Take In A Term Plan?

How To Choose the Right Sum Assured Under a Term Plan?

Make Your Online Term Plan Your Family's Monthly Pay Cheque

4 Things To Expect From Your Term Insurance Plan in India

Term Insurance Calculator - Everythng You Need To Know

Do You Need Term Insurance Cover After Retirement?

Can A Housewife Buy a Term Insurance Plan - All You Need to Know

Can I Get Term Insurance on Behalf of My Spouse?

All About Term Insurance Inbuilt Coverage

Insuring yourself against Ill Health with a Critical Illness Rider

Individual Life Insurance vs. Group Term Life Insurance

All you need to Know about Term Insurance Plans for Housewives

Comparing Term Plans – What Should You Look Out For

What Are the Best Term Insurance Plans for Planning Retirement?

Can Senior Citizens Avail Term Insurance?

Can I Make Changes to My Term Insurance Policy Post Purchase?

What are the Documents Required for Term Insurance Plan?

How To Choose the Right Term Insurance Plan?

What is Critical Illness Policy

Term Insurance: What Happens When You Don’t Pay Your Premiums?

Advantages of Buying Term Insurance in Your 50s

Should You Have Multiple Term Life Insurance Policies?

Insurance Policy for Housewife In India

Choosing Riders for Insurance Plans

9 Most Frequently Asked Questions on Term Insurance

Can Non-Resident Indians (NRIs) Buy Term Insurance In India?

Why Should New Parents Buy Term Life Insurance?

5 Reasons to Buy Term Insurance When You are in Your 30s

Can You Increase Your Term Insurance Cover?

Why Buy Term Insurance Even at Rising Rates?

Is Life Insurance Investment Worthy Enough

Term Insurance Plans and Policies for Smokers

When is the Right Time to Buy Term Life Insurance Policy for Yourself?

5 Benefits of Early Retirement Planning

Different Types of Premium in Term Insurance

How to Surrender Term Life Insurance When you have No Liabilities

Is It Good To Buy A Term Insurance Plan In 2022?

What Should You opt for - Limited or Premium Pay?

5 Term Insurance Benefits for Single Women

Is Group Term Life Insurance Provided By Employer Sufficient?

Term Insurance with Critical Illness

Endowment Plans vs Term Plans: Understanding the difference

Importance of Term Insurance at Every Stage of Your Life

Term Life Insurance Plan for Smokers vs Non-Smokers

Term Insurance With Riders In India

Insuring Against Disability With Disability Insurance Rider

What are incremental term insurance plans?

4 Reasons Why You Need Critical Illness Cover

Term Plans are Definitely Cheaper than You Think!

What Is a Renewable Term Insurance Policy?

Reasons You Need Term Insurance Plan as a Self-Employed Person

What Are Insurance Riders and How to Choose Them in a Term Plan?

टर्म इंश्योरेंस क्या है? टर्म इंश्योरेंस का मतलब

Term Insurance: Most Common Term Insurance Myths Explained | Kotak Life

Why Buying a Term Plan Is Smarter Than Traditional Life Insurance Products

What is Insurance Premium - A Detailed Guide

Ensure Protection Against Death, Disease & Disability With Life Insurance

Should Youngsters, Working Couples Buy Term Insurance Plans?

How to Buy 1 Crore Life Insurance Policy Without Medical Test

4 Methods to Calculate How Much Term Insurance You Need

How Does Term Life Insurance Work? Learn the Benefits

Increasing Term Insurance and Riders

What Should Be The Duration Of Your Term Plan in India?

How to Compare Term Insurance Online

Is There Any Tax Benefit on Term Insurance?

Planning For Children's Future

Busting Myths and Facts About Term Insurance Policies

Term Insurance Basics You Should Know

Why should single women purchase term life insurance?

Different Types of Protection Plans

Tax Benefits of Term Insurance in India

Cost of Term Insurance Likely to Increase Soon

How Much Term Insurance Do I Need

Steps on How to Buy Term Insurance Online

Why Term Plan Should Be The First Step To Securing Your Future?

Can Term Insurance Plans Be Purchased As A Gift?

Buying A Term Insurance Plan? Take These Factors into Account

Key IRDAI Regulations That Changed Face Of Term Insurance Industry In 2020

Can I Extend the Tenure of My Term Insurance Plan?

Gift Your Father A Term Insurance Plan This Father's Day

Planning For Son or Daughter's Wedding

10-Year Term Life Insurance Policy - Explained in Detail

Calculating Term Insurance Premium

What Types of Deaths Are Covered in a Term Insurance Plan?

Which Term Insurance to Choose: Lump Sum or Staggered Pay-out Plan?

What All Documents Required For Term Insurance In India?

Advantages & Disadvantages of Term Insurance in India

Eligibility Criteria for Buying Term Insurance in India

How To Change The Nominee in Term Insurance?

8 Things To Do After Buying Term Insurance

Why Buy Term Insurance Plan With a High Cover?

How Not To Get Your Term Insurance Claim Rejected

Protection for your family

Best Investment Plans for Children - Secure Your Child's Future

How To Calculate The Amount Of Term Life Insurance You Need?

What is a short term insurance policy?

Should You Buy a Term Plan After 40?

Do Beneficiaries Pay Taxes on Term Insurance?

Why Married People Should Buy Term Insurance Under MWP Act?

Why Term Insurance Is Better Than ULIP?

Why Should You Buy Term Insurance in 2022?

Term Insurance – Why You Must Include In Your Financial Planning?

Term Insurance Age Limit – Term Plan for All Age Groups

What is the Right Term Period For Term Insurance Policy? Here's How You Should Choose!

Which Death Type Does Your Term Plan Not Cover?

5 Things To Consider While Buying Term Insurance Plan

How to Identify Term Insurance According to Your Needs?

Make Your Online Term Plan Your Familys Monthly Payout

Ideal Features of a Suitable Term Plan - Act Now for a Stress-free Future

Term Plan with Spouse Cover

What Happens to Term Insurance Plan With No Beneficiary - Kotak Life

Why 1 Cr Term Plan Is Necessary For Family?

Online vs Offline Term Insurance: Which Is The Better Option To Buy

Is it a Good Time to Buy Term Insurance During the COVID-19 Pandemic?

Why Term Insurance Is Important in times of COVID-19?

How to Ensure That Your Term Insurance Claims Are Never Rejected?

Can I Buy Term Insurance for a COVID-19 Patient?

How Does A Term Life Insurance Work in India?

What Happens if you Hide Facts in your Term Insurance?

9 Ways to Help Family Members in Financial Trouble

Why is it important to buy term insurance plan?

Do I Need to Give a Medical Test for Term Insurance in India?

Is Term Life Insurance Plan an Investment or Expense?

Are The Add-ons and Optional Features of Term Insurance Plans Actually Beneficial?

What Is the Correct Age to Buy Term Insurance?

6 Types of Death not covered in Term Insurance Plan

Know How to Invest at Every Age for Larger Returns

Insuring Protection Against Death With Death Insurance Rider

Tips to Choose the Right Term Period for Term Insurance Plan

Top 3 Reasons Why You Should Buy A Term Plan Now

Everything About Claim Settlement Ratio for Term Insurance

Does Your Term Insurance Plan Cover Death Due to COVID-19?

Why Should You Add a Rider to a Term Insurance Plan?

Why Should You Not Take A Term Plan Without Medical Test in India?

Why Premium Amount for Term Insurance is So Low?

Is term Insurance Needed for People With No Dependents?

Term Insurance: Smokers vs Non-Smokers

What is Term Insurance - A Complete Guide

Why does every working woman need life insurance?

How Much Term Life Insurance Cover Do I Need in India?

What is Form 16, Form 16 part A, Form 16 part B, Information Required and FAQs

Term Vs. Whole Life Insurance: Which One You Should Buy in India?

Is a Term Insurance Policy Portable?

What Is a Passive Income? Why Should You Use It to Buy a Term Plan?

Difference between Term Insurance and Life Insurance

Key Differences Between Term Insurance, ULIPs, And Health Insurance

Buying A Term Insurance? Don't Ignore the Claims Settlement Ratio

Insuring Against Accidents with an Accidental Death Insurance Rider

While Buying Term Insurance Compare Features, Not Just Premiums

Does Term Insurance Cover Accidental Death?

Understanding Term Insurance Riders

8 Benefits of Term Insurance You Should Know

8 Factors to consider before choosing a Critical Illness Insurance

6 Reasons That Make Term Insurance a Must Buy

Is ₹1 Crore Term Insurance Good Enough Cover?