India is one of the highest populated country of the world but income tax payers are very less in comparison to size of population.To run a country government needs funds which can be collected in the form of taxation.Government of India is focusing to increase taxation base of direct tax.
If the person who is liable to file ITR does not do the same then it may invite many consequences like best judgement assessment under Section 144 & 148. Along with this Income Tax department has introduced other sections like Section 194N, Section 206AB and Section 206CCA which impose deduction of TDS/TCS at higher rate. To avoid above consequences, it is better to file ITR on or before due date because Filing of ITR after due date invite Late Filing Fee and penal interest.
In normal circumstances due date for Filing ITR for Non audit cases is 31st July of respective assessment year. Due date for Filing Belated return U/s 139 (4) of Income Tax Act 1961 for A.Y -2020-21 is 31.03.2021 but due to lock-down in some states due date for Filing belated and revised return U/s 139 (5) of Income Tax Act, 1961 has been extended from 31.03.2021 to 31.05.2021
CBDT Vide its press release dated 01 May 2021 has extended the timelines of certain compliance's. In this press release at point No-d it is mentioned that – “Filing of belated return U/s 139 (4) and revised return U/s 139 (5) for A.Y-2021-21, which was required to be filed on or before 31/03/2021, may be filed on or before 31st May 2021”.
All the readers, who are required to file Income Tax return but missed the same due to any reason, kindly file it on or before 31/05/2021 to avoid above mentioned consequences.
******
This article is for the purpose of information and shall not be treated as solicitation in any manner and for any other purpose whatsoever. It shall not be used as legal opinion and not to be used for rendering any professional advice. This article is written on the basis of author’s person experience and provision applicable as on date of writing of this article. Adequate attention has been given to avoid any clerical/arithmetical error, however; if it still persists kindly intimate us to avoid such error for the benefits of others readers.
No comments:
Post a Comment