The government declared on Friday that there will be no proposal to extend the deadline for filing income tax returns past December 31. The official deadline for filing income tax returns is December 31, 2021, according to Revenue Secretary Tarun Bajaj. This indicates that the deadline to file income tax returns for the fiscal years 2020-2021 and 2021-2022 is today, December 31, 2021.
Taxpayers have filed 5.62 crore income tax returns (ITRs) for the assessment year 2020-21, according to the Revenue Secretary.
"A total of 5.62 crore returns had been filed by 3 p.m. today." Over 20 lakh returns were filed today. According to Mr. Tarun Bajaj, 60 lakh more returns were filed this year.
If taxpayers miss today's deadline, they will be allowed to file the ITR until March 31, 2022, but with a penalty. An assessee who fails to file a return of income by the deadline is allowed to make a belated return at a later date, according to the Income Tax (I-T) department. In the case of late income tax returns, however, there are some penalties that must be paid. Section 234F of the Income Tax (I-T) Act imposes a late filing fee on a late income tax return. The amount of the penalty owed by assessees who file a late return rises in proportion to the length of the delay. If you file your ITR after the deadline, you could face a penalty of up to $5,000.
Those with an annual income of more than 5 lakh, on the other hand, must pay a penalty of $1,000 for filing an ITR after the deadline. The procedure for filing a late return is the same as for filing on or before the due date.
Taxpayers are typically obliged to file the ITR by July 31 of each year. The Central Board of Direct Taxes (CBDT), the top authority that oversees the Internal Revenue Service, has extended the deadline for reporting ITR twice this year to provide assistance in the wake of the COVID-19 outbreak. The deadline was originally set for September 30, 2021, however it was then extended until December 31.