The last date for filing income tax return was 10 January 2021.
Taxpayers can file their returns with prescribed fines for not filing ITR on the last date.
What is a bilated return
The return of income tax which has not yet been paid, on or before due date determined under section 139 (1) of the Income Tax Act, is called a bilated return. Bilated income tax is dealt under section 139 (4). For any person who has not filed his income return within the period prescribed under section 139 (1) or the prescribed time under section 142 (1), file ITR before the end of the respective assessment year next year. Opportunity is given. On this basis, you can file income tax return for financial year 2019-20 as a bilated return till 31 March 2021.
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In case of filing a bilated return, you will have to pay a fine of Rs 5,000 before December 31. On the other hand, if you file the return by 31 March 2021, then you will have to pay a fine of up to Rs 10,000. However, it is to be kept in mind that if the total income of a person is not more than Rs 5 lakh, then he will not have to pay more than Rs 1000 fine. If you have so much income that you do not have to file ITR, then you will not have to pay penalty for filing ITR even after the due date has passed under section 324F. In this case it is up to you to file ITR.
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These people are not fined for filing ITR after deadline
If your income basic threshold limit is Rs 2.5 lakh and you are 60 years of age. Similarly, if you are between 60 and 80 years of age and the income is Rs 3 lakh and if the income is above 80 years is Rs 5 lakh, then you do not have to file a return. If you file the return even after the deadline, no penalty will be charged from you.