The last date to furnish the ITR towards the Assessment year (AY 2021-21) is prolonged to 3 months i.e now the defined last date is 31st Dec 2021. Under the norms of the CBDT if an assessee misses the decided last date i.e 31st Dec 2021 then they are needed to file the late fee and furnish the belated ITR. Starting from the year the last date to file the belated ITR is on 31st Dec 2021. An ITR which is filed post to the last date is said to be the post-return.
Penalty Towards Late ITR Filing for FY 2020-21
If your ITR has been furnished after the last date mentioned by the council then the late filing fee shall be imposed. The taxpayer needs to pay Rs 10,000 as a penalty if the assessee missed the mentioned last date for the ITR filing. Wef FY 2020-21, the individual who files the post Income tax return shall need to furnish the penalty of Rs 5000.
There is the privilege furnished to the small assessee is that the IT department announced that the penalty imposed shall be Rs 1000 if the total income is up to Rs 5 lakh.
“if the tax evaded exceeds Rs 25 lakh the punishment could be 6 months to 7 years” stated the website of the income tax department. Until the assessment year (AY) 2017-18, no penalty was there to furnish the belated ITR and this penalty was applied from the AY 2018-19. Also, the government has inserted section 234F into the income tax act 1961.
Process to Furnish the ITR Post to the Last Date
The steps to furnish the post-return are similar to furnishing the return on or prior to the last date. If the post-return is furnished after the last date of ITR, the assessee will be required to file the tax along with the interest rate of 1% per month, also called simple interest beneath section 234A.
If any cause occurs, then the assessee shall not be entitled to pay his ITR; he can still furnish the belated return prior to the finish of the AY 2020-21.
When you furnish the belated return towards the FY 2020-21 then you are required to furnish the subjected income tax returns as mentioned for the fiscal year, excluding any previous year or upcoming fiscal year. It stated that you can furnish the post-return towards the FY 2020-21 up till 31st March 2022 that is prior to the finish of the assessment year AY 2021-22.