The government has once again extended the deadline to file an income tax return (ITR) for FY 2020-21 by three months to December 31, 2021, from September 30, 2021. The deadline has been extended due to the glitches on the new income tax portal which had made it difficult for many taxpayers to complete their ITR filing process.
This is the second time this financial year that the government has extended the ITR filing deadline for individuals whose accounts are not required to be audited. Earlier, due to the second wave of the Covid-19, the ITR filing deadline was extended by two months from the usual deadline of July 31 to September 30, 2021.
The last date to file your income tax returns (ITR) for the financial year 2020-21 (FY21) is December 31 and if you fail to do so you will have to pay a penalty of up to ₹5,000.
The deadline to file the tax returns has already been extended several times over the course of the past year due to technical glitches on the new income tax portal and the coronavirus pandemic.
“Hope you know that ITR is an important document for any loan processing. So, why delay? File your ITR today! The due date for filing Income Tax Return for AY 2021-22 is 31st December 2021,” the income tax department said in a tweet.
Here is a list of documents you will need to file your ITR:
1. Form 16: Form 16 is a key document issued by an employer to its employee as an acknowledgment that tax has been deducted from the employee’s salary and deposited with the income tax department. The document also has the details of the salary paid to the employee.
2. Interest income certificates: The interest income certificate gives you the details regarding the amount of interest you have received in a financial year for your fixed deposits (FDs) and saving accounts. It can be downloaded through net banking at the end of the financial year.
3. Investment proofs for tax saving: Investment proofs include the receipt for premium paid towards life insurance schemes, receipt of medical insurance, the receipt for investment in Public Provident Fund (PPF), 5-year FD receipts, mutual funds investment (ELSS), etc. It can be submitted directly to the I-T department for claiming tax deductions.
4. Form 26AS: Known as the annual consolidated statement, Form 26AS is an important document that contains all tax-related information of the taxpayer including TDS (tax deduction at source), advance tax, etc. The document can simply be downloaded from the new I-T portal.
Apart from these documents, an individual will also need their salary slips, PAN card, and Aadhaar card while filing the income tax returns.
Latest Extended Notification:–
Due Date Income tax return for FY 2019-20 (AY 2020-21) – 31st January 2021 (Audit Required)
Due Date Income tax return for FY 2019-20 (AY 2020-21) – 31st January 2021 (For international/specified/domestic transactions)
Due Date Income tax return for FY 2019-20 (AY 2020-21) – 31st December 2020 (For Other taxpayers)
The due date for furnishing audit reports of tax audit reports and international/specified/domestic transactions – 31st December 2020
Due date for self assesment tax payment upto 1 lakh – 15th February 2021 (para 4(a) & para(b)
The due date for self-assessment tax payment – 10th January 2021 (para 4(c)
The due date for annual return section 44 CGST FY 2019-20 – 28th Feb 2021
As per section 234F of the Income Tax Act, 1961, the taxpayer must pay a penalty for delay in filing of ITR.
Income Tax Return Filing Due Date FAQs?
(1) What is the last date to file the return for a company registered with MCA?
Income tax return last date for company is 30th November 2021.
(2) What is the last date to file a return for accounts requiring audit?
Income tax return last date for audit is 30th November 2021.
(3) Can I file ITR for AY 2021/ 22 now?
ITR Forms such as ITR-1, ITR-2, ITR-3, ITR-4, ITR-5 & ITR-7 are now available for AY 2021/ 22 on the official income tax website.
Visit https://www.incometax.gov.in/iec/foportal/ to e-file your returns.
(4) What is the due date for tax filing FY 2020/21 AY 2021 22?
The due date for ITR filing of Taxpayers whose accounts require audit and taxpayers who must furnish reports with regard to international/ specified domestic transactions is 30th November 2021. And due date to file ITR for salaried taxpayers and pensioners is 30th September 2021.
(5) Can I file ITR after the due date?
Yes, of course. Initially, the due date to file a belated return for the assessment year 2021-22 was 31st December 2021. However, CBDT has extended the deadline to file belated returns to 31st January 2022.
Still have queries about ITR then contact us immediately and get rid of queries, we understand, acknowledge, and then provide our best solutions and services as per your requirements and need. I Connect Financial Solutions is backed with a team of expertise having a wide base of clients who speak as proof for our hassle-free, cost and time-effective services.