Filing of Income Tax Return is mandatory for certain people but if it is not mandatory to you then it is advised to file your income tax return. In this post, we will know the Income tax Return last date 2020 i.e. for AY 2020-21. To avoiding penalties and fine the same is required to be file before the last date.
Income Tax Return Last date 2020
Normally the last date for filing Income Tax Return is 31st July for the non-audited assessee and 31st October for the audited assessee.
But due to the COVID-19 situation in the country, the government via a press release on 30th December 2020 announced that the Income Tax Return (ITR) filing deadline for the assessment year 2020-21 (Financial Year 2019-20) has been extended to 10th January 2021 for the non-audited assessee and 15 February 2021 for the audited assessee.
|Particulars||Year/Month||Original Due date||Extended Due date|
|Income Tax Return- Non Audited assessee||FY 2019-20|
|Income Tax Return- Audited assessee||FY 2019-20|
Penalty for Late Filing of ITR
As mentioned above, the due date of ITR for FY 2019-20 has been extended to 30th November 2020. Still if you not file your Income Tax Return in time then the Income Tax Department will penalize you and imposed a fee and Interest for the late filing of ITR.
The Complete details of Penalty can be read in below article-
Who is required to file Income Tax Return
Under Income Tax any person can file his Income Tax Return, even if his income is below taxable, but Income Tax Act prescribes a list of the person who is mandatorily required to file his Income Tax Return. Here you can read the list of persons who are mandatorily required to file his Income Tax Return.
Benefits of Filing ITR
Even though filing of ITR is not mandatory for all the individuals but if you file your Income Tax Return there are certain benefits which one can avail. All the benefits you can read in the below-menioned article.
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Disclaimer: The information contained in the above article are solely for informational purpose after exercising due care. However, it does not constitute professional advice or a formal recommendation. The author does not own any responsibility for any loss or damage caused to any person, directly or indirectly, for any action taken on the basis of the above article.
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Compiled by- CA Chirag Agarwal (Practicing Chartered Accountants)