What was the last date to file ITR for AY 2020 21?

The last date for filing your income tax return, or ITR, for FY 2020/21 (AY 2021/22) is March 31. The original deadline was July 31, 2021, but that was extended because of Covid; the date was revised to December 31, 2021, then February 15, 2021, and finally March 15, 2021.

Can I file ITR for AY 2021/22 now?

Taxpayers who have missed the due date to file their ITRs can file belated income tax returns for AY 2021-22 today. 5. If original returns had been filed before the due date, revised Income Tax Returns for Assessment Year 2021-22 may be filed without late fee by March 31, 2022.

Can I file ITR for AY 2022-23 now?

On why one should not file ITR for AY 2022-23 till 31st May 2022; Pankaj Mathpal, MD & CEO at Optima Money Managers said, “Due date for TDS return filing is 31st May 2022. So, before June 2022, Form 26AS of a taxpayer won’t get updated.

What happens if I dont file ITR?

If the taxpayer fails to file the ITR by the due date then penalty interest at the rate of 1% per month is levied on the outstanding tax. Further if the outstanding tax liability is over Rs. 1 lakh, section 234A applies from the original due date which happens to be July 31, 2021 in the current case.

Can we file ITR after due date?

If you miss filing ITR by the due date, you can file the belated return by 31st December 2022. However, you are required to pay the penalty for late filing. The maximum penalty of Rs 5,000 will be levied if you file your ITR after the due date 31st July 2022 but before 31st December 2022.

Is it mandatory to file ITR?

An Individual or HUF shall file his return of Income, even if income does not exceed the maximum exemption limit, if he has deposited an amount (or aggregate of amount) exceeding Rs. 1 crore in one or more current accounts maintained with a banking company or a co-operative bank. .

Is it compulsory to file ITR?

It is mandatory to file the income tax returns online for all the registered taxpayers whose taxable income. However, paper returns can be filed by those above 80 years of age who do not have any income from regular business or professional income.

Who is eligible for ITR?

Individuals qualifying as Ordinarily Resident and having a total income of up to Rs 50 lakh have to file ITR using ITR 1 form. When having income from following sources salaries, one house property, income from other sources including agricultural income up to Rs 5,000.

What income is tax free?

Income tax exemption limit is up to Rs 2,50,000 for Individuals , HUF below 60 years aged and NRIs. An additional 4% Health & education cess will be applicable on the tax amount calculated as above. Surcharge: 10% of income tax, where total income exceeds Rs.50 lakh up to Rs.1 crore.

Can I file my ITR myself?

Taxpayer can file ITR 1 and ITR 4 online. Login to e-Filing portal by entering user ID (PAN), Password, Captcha code and click ‘Login’. Click on the ‘e-File’ menu and click ‘Income Tax Return’ link.

When should we file an itr?

In case individuals wish to receive a refund from the Income Tax Department.

  • In case individuals wish to apply for a loan or a visa.
  • In case individuals have more than one source of income (capital gains,house property,etc.)
  • In case individuals have earned an income from foreign assets during the financial year.
  • Which ITR should I file?

    You’ll also need to file if you’re receiving Social Security benefits, and one-half of your benefits plus your other gross income and any tax-exempt interest exceeds $25,000, or $32,000 if you’re married and filing jointly.

    How to file ITR?

    Manual Tax Filing

  • Electronic Filing and Payment System (eFPS)
  • Electronic BIR Forms (eBIRForms)
  • How to file ITR after due date?

    If the claim of refund amount is less than Rs.

  • Principal Chief Commissioner/Chief Commissioner has the power to accept or reject the application filed u/s 119 (2) (b),if the refund claimed is above Rs.
  • In case if the refund claimed is above Rs.
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