Income Tax Return (ITR) Filing the last date has been extended to 30 September 2021, due to the COVID-19 epidemic. ITR Last Date 2021 the deadline has been declared by the central government for filing ITR for the financial year 2020-21. According to the report, just in case of late in paying the income tax, the taxpayer is expected to pay interest on the outstanding tax, under three sections 234A, 234B, and 234C of the income tax Act 1961. Given the impact of the Covid-19 pandemic, taxpayers are suffering trouble in meeting certain tax compliances and also in filing responses to several notices. To ease the compliance responsibility of taxpayers through this difficult time, reliefs are being provided by the government.
ITR Last Date 2021 | ITR Last Date Extended – Taxkundali
ITR Last Date 2021 the tax department reached out with its annual calendar of major tax-related dates for the year 2021. The income tax calendar published by the tax department includes all the important dates such as the last date to file an income tax return.
The tax department earlier said it’s announced over Rs 24,792 crore refunds to more than 15 lakh taxpayers so far this financial year. CBDT announces refunds of over Rs 24,792 crore to a total of 15 lakh taxpayers between 1st April 2021 to 17th May 2021.
Major Points to do After File ITR
Link Pan Card With Bank Account – You won’t get the refund if you forgot to link your pan card with your bank account. The income tax department will only transfer refunds online to your bank account. So don’t forget to link your Pan Card.
Income statement in case of new job – If you have changed jobs during this pandemic financial year 2021, you must report your income for the previous company to the current company. If not, then your employers may calculate your income tax liability after accounting for the deductions again.
Late Income Tax Return Filing – It is expedient to file your return before the due date. But if you have missed out due to any purpose then you can file a late return. However, with a fine of ten thousand rupees for those with taxable income above Rs 5 lakh. For those with income up to Rs 5 lakh, the fine is one thousand rupees.
Submit 15G/15H form – If you do not have a taxable income then you would like to submit a 15G/15H form with your bank to avoid TDS deduction on the interest earned. Most of the time banks deduct TDS just in case the interest income is more than Rs 10,000 across the statements.
Report Tax saving investments – Claiming deductions and exemptions under several sections while filing ITR, you should make the investments declaration. You will check under section 80C how much more investments you will need to make this declaration.
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