ITR Filing: The Central Government has extended the deadline for filing Income Tax Return (ITR) for the financial year 2020-21. All salaried individuals can file their income tax return by 30 September 2021. The deadline for submission of 15G and 15H forms has also been extended. The deadline for uploading the declarations for the first quarter is 30 November 2021. December 31 for the second quarter.
What is Form 15G and 15H
Through Form 15G and 15H, a person states that his income does not come under the purview of tax, so he should not be taxed. 15H is for senior citizens of 60 years and above while 15G can be filled by others. It is valid for only one year, so these forms should be filled at the beginning of every financial year. With this, banks will not deduct TDS from your interest income.
If your income is more than Rs 2.5 lakh, then do not submit these forms intentionally. Since PAN number has to be entered in these forms, action can be taken against you if you come under the purview of taxable income. These forms are not to be filled with the Income Tax Department. Submit these with your tax deductor (like your company or employer). At the same time, prepare these forms and submit them to the Income Tax Department.
What happens if ITR is not filed within the stipulated time frame?
If you have not yet filed your income tax return for the financial year 2020-21, then definitely do it before 30 September. You will have to pay a penalty for filing the return after the deadline. Returns are required to be filed by all those who have an annual income of at least Rs 2.50 lakh. Late filing of return will attract a fine of Rs 5,000. If the return is not filed even by December 2021, then ten thousand rupees will be charged as a fine after that. Not only this, if you hide your income and do not file the return, then there can be a jail term from three months to two years. There is also a provision of imprisonment up to seven years if the income tax arrears exceed Rs 25 lakh.
Income Tax Department has launched its new e-filing portal (www.incometax.gov.in) on 7th June this year. You can easily file your return yourself by visiting this new portal. These forms can be easily prefilled by taking data from the e-filing portal. This includes your personal information, salary income, capital gains and all the information contained in Form 26AS. There is also an option to choose between the old tax regime and the new tax regime before filing the return.