What if you don’t submit your ITR by March 2021?
The deadline for filing the income tax return (ITR) for the 2020-2021 financial year, i.e. the 2020-2021 assessment year, for the general category of taxpayers, which includes all employees, was July 31, 2020, but has been since then extended until January 10, 2021. What if you miss the bus and don’t submit your ITR for the 2020-2021 assessment year on time? Let us talk about it.
Is the due date also the last filing date for the ITR?
The common misconception is that the due date is also the deadline after which you will no longer be able to apply your ITR, which is incorrect. There are two important dates to keep in mind when filing an ITR. The first is the due date and the second is the deadline. If you miss the deadline, you still have until the end of the year to submit your ITR.
The deadline for submitting ITRs for the 2020-2021 assessment year was July 31, 2020 but has been extended to January 10, 2021.
However, the deadline ends on March 31, 2021. However, if you apply for your ITR after the deadline you will face a number of consequences.
What if you don’t meet the deadline?
If you don’t register your current ITR by January 10, 2021, you can do so by March 31, 2021.
- You lose the right to carry losses forward for set-off against profits in future years.
- So if you miss the January 10, 2021 deadline and have a loss under the profits or capital gains of the principal business or a loss under the property of the principal house of more than two lakhs of rupees, you are otherwise entitled to carry those forward for later years You are not authorized to do so.
If the taxes charged by or on your behalf are beyond your tax liability and you are entitled to a refund of the VAT paid, you are not entitled to interest on the VAT paid for the delay that was attributed to you.
If the taxes charged on your behalf are less than the total tax liability, you will have to pay interest on the shortfall as well as interest on the time it took to file your ITR, even if you paid the shortfall after March 31, 2020.
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What if you miss the deadline for submitting your ITR?
Unless the deadline for filing an ITR for the tax year 2020-2021 is extended beyond March 31, 2021, and you fail to submit it by that date, the income tax department will charge a minimum fine of up to 50% of the tax you should in addition to Avoiding your income tax and interest debt before finally submitting your ITR in response to the rating agency.
Few people know that the government has the right to convict and jail you if you fail to file your ITR.
Really?…
Current income tax laws provide for a minimum penalty of three years and a maximum penalty of seven years. The department does not have the right to prosecute you for failing to submit an ITR. Only when the avoidable tax amount reaches Rs. 10,000 / – the income department will file a criminal complaint.https://certicom.in/due-date-of-filing-itr-extended/