ITR News: If you are a taxpayer, then it’s time for fun. The Income Tax Department has extended the date for ITR. This time it has been extended by just one day. This means that taxpayers will be able to file ITR even today. This work can be done till 12 midnight on September 16. Earlier, the last date for getting this work done was September 15, which has now been extended by one day.
The government had extended the last date from July 31 to September 15. There are still many people left to file their ITR. Even with a one-day extension, a large number of people will be able to file ITR. If you are facing problems in filing returns, then don’t worry. Maintenance work will be done on September 16 from 12 midnight to 2.30 pm for some important changes on the e-filing portal. On the other hand, people have also got some relief due to the extension of the date.
What is the rule of penalty?
It is necessary to deposit income tax on time; otherwise, there will be problems. The Income Tax Department will charge additional fees as a penalty after the due date. Under Section 234F of the Income Tax Act, after the due date, taxpayers with an annual income of Rs 5 lakh will have to pay a penalty of Rs 5000. Those whose annual income is less than Rs 5 lakh will have to pay a penalty of Rs 1000.
Therefore, taxpayers have got one more day’s chance, which they can take advantage of. You can take out time and do this work today at any cost. By getting this work done, taxpayers will be saved from the penalty, and the work will also be completed.
There will be problems with the delay.
There can be not only a penalty but also some other problems due to the delay in filing the income tax return. Under Section 234A, interest of 1 per cent of the tax due has to be paid every month. The process of filing the return also takes more time.
There may be a delay in getting the refund, also. If you hide the information for any reason, then there is a provision for sending you to jail under the Income Tax Department Act. In many serious cases, there is a provision of punishment ranging from 3 months to 2 years. Therefore, it is better to file ITR on time.