The opportunity to file belated return after the original deadline for filing ITR for a financial year is over – missed 31st December, now how can one file itr for fy21

Income Tax Return Filing: The deadline for filing Income Tax Return (ITR) for the financial year 2020-21 was 31 December 2021, which has now passed. But this does not mean that now there is no option left to file ITR for the financial year 2020-21. Those who have missed the deadline of December 31, can still file ‘billed ITR’.

After the original deadline for filing ITR for a financial year is over, there is an opportunity to file a belated return but with a penalty. The deadline for filing belated ITR for the financial year 2020-21 is 31 March 2022.

how much will be the penalty

Under section 139(1) of the Income Tax Act, late fee is payable under section 234F for non-filing of return for any assessment year within the stipulated time. Under the provision, billed ITR can be filed up to March 31, 2022 with a penalty of Rs 5,000. Earlier this fine amount used to be Rs 10,000, which has been reduced to Rs 5,000. However, if the total income of the taxpayer does not exceed Rs 5 lakh, then he will have to pay a penalty of Rs 1000 only. If the income is below the exemption limit (Rs 2.50 lakh), the return can be filed without late fee till March 31.

If there is a mistake in filing the tax return

If there is any lapse while filing the original tax return, the taxpayer has a chance to file a revised or revised ITR. The last date to file revised or revised income tax return for assessment year 2021-22 (FY 2020-21) is also 31 March 2022. You can also file a revised return for the default in the belated ITR return. But since the deadline for filing both billed and revised tax returns for the financial year 2020-21 is March 31, 2021, the revised returns will not be filed for last-minute belated returns.

Income Tax Raid: Which property cannot be seized in Income Tax Raid

In the Income Tax raids of Uttar Pradesh’s perfume businessman Piyush Jain, about Rs 177 crore has been recovered from his Kanpur home so far. The Income Tax Department is also reported to have found a cupboard full of bundles of notes. Not only this, there are also reports of a basement in his house and it is possible that this amount of recovery may increase further. The Income Tax Department team raided Piyush Jain’s locations in Mumbai, Kannauj, Gujarat and Kanpur. 4 crore cash and one crore jewelery have been recovered from Piyush Jain’s house in Kannauj.

Any person present in the entire premises can be searched during Income Tax Raid, with the help of police is also taken. During raids, officers can even break locks to get information out. Let us know what kind of assets can be seized by officers in Income Tax raid and what kind of assets cannot be seized…

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