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Income Tax efiling in India for FY 2023-24 (AY 2024-25)

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Delayed Filling Payment of Income Tax Return - AY 2020 -21

The deadline for submitting your ITR AY 2021-22 (FY 2020-21) has been extended to 31 December 2021 for individual taxpayers. Failure to complete your ITR on time may result in penalties, but there are other consequences and disruptions associated with delays. Let's understand this in more detail below.

Post-Final Penalty U / s 234F

As per the changed rules promulgated under section 234F of the Income Tax Act which came into effect on 1 April 2017, completing your ITR post deadline, may make you liable to pay a maximum fine of Rs 10,000. Analyzing this in the current year; If you submit your FY ITR 2020-21 post 31st December 2021 (15th February 2022 for review and 28 February 2022 for transfer price charges), no penalty will be charged. For refunds lodged after 31 December 2021, the fine limit will be increased to Rs 10,000. However, as a relief to small taxpayers, the IT department said that if the total income was no more than Rs 5 lakh, the maximum penalty charged would be only Rs 1000 lakh.

Frequently asked questions

In the event that you are entitled to a refund from the government for overpayments, you must submit your refund within the due date for immediate refund.
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