ITR filing for FY20-21: 50% additional tax for late filing, deadline Mar 31
By Vivek Dubey
By Vivek Dubey
CNBC-TV18.com
CNBC-TV18.com
Published Mar 11, 2024
Published Mar 11, 2024
The deadline for submitting an updated income tax return (ITR) for FY2020-21 is March 31, 2024.
Deadline Approaching
The Finance Act of 2022 introduced a provision for filing an updated ITR or ITR-U.
Finance Act Provision
An updated return can be filed within 24 months from the end of the relevant assessment year.
Filing Duration
There’s no financial imposition on individuals wishing to furnish an updated return.
No Financial Penalty
Taxpayers are obligated to pay an additional tax as per Section 140B of the Income Tax Act.
Additional Tax
If the ITR-U is filed within 24 months, the additional tax increases to 50%.
Tax Increase
The assessment year for FY2020-21 was AY2021-22.
Assessment Year
To file an updated return, taxpayers must use the ITR forms notified for the respective assessment year along with the newly-introduced form ITR-U.
Filing Procedure
The computation of tax payable for an updated return includes the total income tax liability.
Tax Computation
Filing an ITR is a crucial annual activity under income tax laws.
Civic Duty
Those who fail to file ITR may face penalties ranging from a minimum of 50% to a maximum of 200% of the assessed tax.
Penalties
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