ITR Filing FY 2020-21: Today is the last day to file your tax return, know what happens if you miss the deadline

New Delhi: Today is the last day to file Income Tax Return (ITR) for FY 2020-21, so you have to prepare all your documents and file it by the end of the day.

In the wake of the COVID-19 pandemic, the government had extended the due date for filing all income tax returns (ITR) for the financial year 2020-21 to December 31. This year, taxpayers are required to submit returns for FY 2020-21 financial year and assessment year will be AY 2021-22.

Although it is advised that you have to file your ITR before the expiry of the deadline, however, if you somehow miss the deadline, you can still do so by paying a penalty.

ITR filing can be done both online and offline. Non-filing or late filing of ITR can attract a fine of up to Rs 5,000. This time the penalty has been halved, as late filing of first ITR will attract a penalty of up to Rs 10,000. If your taxable income is less than Rs 5 lakh, you will have to pay a penalty of Rs 1,000. Additionally, if your income is below the taxable limit, you are also not required to pay the penalty if you miss the deadline for filing ITR. However, it is subject to some exceptions.

In a major relief to lakhs of taxpayers, the government had twice extended the last day for filing Income Tax Return (ITR) for the period of financial year 2020-21. The Income Tax Department had also issued advertisements on several occasions to guide taxpayers on their ITR filing.

In related news, the Central Board of Direct Taxes (CBDT) has announced that it has provided one-time relaxation for verification of e-filed ITR for AY 2020-21 due to non-submission of ITR-V. are pending for Form or pending e-verification.

CBDT has extended the ITR refund filing for AY 20-21 till 28 February 2022.

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