Zoom News : Dec 31, 2021, 08:56 AM
New Delhi: The last date for filing your income tax returns for the financial year 2020 to 2021 (assessment year 2021 - 2022) is fast approaching and the deadline is set for midnight on December 31, 2021. Failing to file the returns before the mentioned deadline can attract penalties of upto ₹5,000.The maximum penalty amount was ₹10,000 until last year which was then reduced to ₹5,000. Taxpayers were levied a fine of ₹10,000 if they filed their returns late between December 31 and March 31 and a penalty of ₹5,000 for filing their returns between August and December. However, from this year, the maximum penalty has been reduced to ₹5,000.The last date for filing the income tax returns for the financial year was initially extended from July 31, 2021 to September 30, 2021 due to the disastrous second Covid-19 wave in the country. It was then extended to the year end after complaints about technical glitches in the new IT portal to file the returns.Meanwhile, the Income Tax department on Wednesday said that over 5 crore returns were filed as of the date and urged people who were yet to file to do so before the deadline.“More than 5 crore Income Tax Returns for AY 2021-22 filed till 5:45pm today! Hope you have filed yours too! If not, please file your #ITR for AY 2021-22 before the extended due date of 31st December, 2021. Please visit http://incometax.gov.in,” the department said in a tweet.Also, taxpayers who are yet to electronically verify their returns for the financial year 2019 - 2020 can also verify them by February 28, 2022, after the I-T department gave a one-time relaxation for the verification.