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Income Tax Return AY 2020-21: Giving a big relief to taxpayers, the Income-Tax (I-T) Department extended the last date for filing of individual Income Tax returns (ITRs) for FY 2019-20 or Assessment Year (AY) 2020-21 by another month till December 31. This is the second time the Central Board of Direct Taxes (CBDT) has extended the last date for filing of ITR for AY 2020-21.
While this gives some extra time to file income tax returns, the taxpayers should know that they still need to complete the process before the mentioned date. In case you fail to do so, a hefty penalty can be imposed.
What is the penalty for late filing of income tax return?
Apart from the penalty, the taxpayers won’t be able to make use of deductions and exemptions for that year.
Deduction under 80-IA, 80-IAB, 80-IB, 80-IC , 80-ID and 80-IE, in respect of profits and gains from industrial undertakings or enterprises engaged in infrastructure development, are not available
Deduction under 80IAC, 80IBA, 80JJA, 80JJAA, 80LA, 80P, 80PA, 80QQB and 80RRB are not available