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Thursday, January 20, 2022

ITR Filing for FY 2020-21: Income Tax department issues THIS notice as deadline nears | Personal Finance News

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New Delhi: With the deadline for filing of Income Tax Return (ITR) by individuals and other category of taxpayers nearing, the Income Tax department has sped up its reminder process.

The IT department has been constantly reminding people through SMS, emails and other modes to file their returns. Today, the IT department issued a reminder call to various employers to remind their employees regarding filing of ITR for AY 2021-2022 (FY 2020-2021). (Also read: Know your Income Tax slab, check detailed table here

The Income tax department tweeted, “Attention Employers! Please remind your employees to file their ITR for AY 2021-2022. The due date for furnishing of ITR for AY 2021-2022 is 31st December, 2021.  Do remind your employees today. Let’s not wait till the last date.”

This year’s income tax return will be filed for the Assessment Year 2021-22 or FY 2020-21. The ITR this year is applicable for income earned between April 1, 2020 and March 31, 2021. (Also read: Know your Income Tax slab, check detailed table here)

What happens if you miss ITR filing deadline?

While it is advised that you must file your ITR before the end of the deadline, however if somehow you miss the deadline, you can still do so by paying penalty. Filing ITR can be done both online and offline. Not filing ITR or late filing can attract penalty up to Rs 10,000. The penalty will be decided on the earning of the individual and also between the window in which ITR has been filed.

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