1. Did you forgot to file your Income tax return for AY 2020-21?
2. Did you receive Income tax notice for High value transaction after 01.04.2021 for AY 2020-21 and don’t know how to reply the same?
3. Are you confused whether you should file Income tax return now or not?
Are you facing any of the above questions then let’s discuss as to what relief has been announced and how it can benefit you.
31.03.2021 was officially the last date for all the people who wished to file their Income tax return for AY 2020-21 either belated or revised and as we had discussed earlier the website was not working properly on that day and hence many people were not able to file their Income tax return.
Everyone was hoping for a relief and extension in due date as there was pandemic, lockdown in few areas and also website was not working.
So relief came but it was only related to relief to department in issuing notices and PAN and Aadhar linking and no relief was provided to taxpayers.
Hence, people were disappointed with the government and next day people started receiving messages on their number which said that high value transactions have been recorded on your PAN which have not been disclosed in the Income tax return filed and this added to the panic of people.
Now people were confused as to what they should do with this notice now as the last date for filing income tax return has expired.
However lately CBDT out of nowhere came up with a relief for Income tax payer’s with various extensions in Income tax due dates as mentioned in our post: https://www.taxontips.com/cbdt-extends-due-date-for-filing-belated-and-revised-return-for-ay-2020-21-till-31-05-2021/
Let’s discuss who all should file Income tax return under this extension and why should you file it?
Who should file the Income tax return?
- All those who have received any discrepancy in their intimation u/s 143(1) of the Income tax act.
- Those who have received High value transaction notice.
- Those who just want to start filing ITR so as to create a tax history.
- Those who have discovered any transaction which will be liable to tax.
The salaried employee’s who think that deduction of TDS is enough and they don’t need file Income tax return.
Why should you file your Income tax return?
Once we have discussed the who let’s now discuss the why. Below are the reasons of why you should file the return:
- If you are a first timer it is a good time to file your Income tax return and start your tax history.
- If you had already filed the Income tax return but received any notice filing return now will save some interest on late payment of tax.
- If you have not filed income tax return being a salaried employee, filing it now might save you from income tax notice although you might have to pay some late fees but you will be saved from notices from Income tax department.
- You might also get some refund of TDS if any was deducted on your income.
Are you still confused? Book a consultation with our experts over phone call and discuss all your queries.
To book consultation CLICK HERE.
But if you wish to get your return filed with our expert wherein a small consultation will be included CLICK HERE.
Why should you choose us?
We have practicing Chartered Accountants who will assist and file Income tax return for you and not any employees or machine. Also, in this times of pandemic and lockdown you would not want to go out of your home and with us you can file your Income tax return online without having to leave your house so it is a win win for you.