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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.
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.
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.
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:
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.
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.
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.
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