Income tax return is an important yearly compliance which is done by most of the individuals.
Initially the due date for income tax return was:
31st July for assessee other than those who are required to get their accounts audited or partners whose firm are getting audited.
31st October for assessee whose accounts are getting audited or partners whose firm are getting audited.
Here, assessee such as company, LLP who get their accounts audited in any other law or trust who file Form 10B for then the due date would be 31st October, however their director needs to file return till 31st July.
During the year due to the lockdown and other issues the due dates were extended many a times and now the latest due dates are as under:
For assessee whose due date were 31st july now their due date is 10.01.2021.
For assessee whose due date were 31st October now their due date is 15.02.2021.
As per section 234F if the income tax return is not filed with the due date, late fees shall be charged which is as under:
For assessee whose Income is below exemption limit late fees would be Rs. 0
For assessee who income is above exemption limit and below Rs. 5 lakh, late fees would be Rs. 1,000.
For assessee who income is above Rs. 5 lakh, late fees would be Rs. 10,000.
In section 234F there is even a late fees of Rs. 5,000 for assessee with income above Rs. 5 lakh if the return is filed after due date but before 31st December of the assessment year. However, since the due date this year is after 31st December now all assessee whose income is above Rs. 5 lakh late fees would be Rs. 10,000.
Hence, now either the due date is Rs. 1,000 or Rs. 10,000.
If you wish to file Income tax return you can book your Income tax return here: https://www.taxontips.com/income-tax-return/
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