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Rules related to income tax returns have been changed, now only 1 chance to file late tax returns

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If you are a taxpayer then you need to pay attention. The Central Government has lately changed the rules for filing income tax returns. Now there will be only one chance to file income tax returns with delay.

Still got two chances

The central government has amended the Finance Bill 2021. This rule will come into force from April 1, 2021. Let us know that till now there were two opportunities to file income tax returns with delay.

Had to pay so much late fee

There is no fee for filing the return till the end of March in the assessment year. After this, by the end of December, in the next financial year, late fees of Rs 5 thousand were required to be filed. At the same time, returns could be filed by March next year with a late fee of 10 thousand.

What is new rule

According to Finance Bill 2021, the rules for filing income tax have been changed late. After April 1, the tax payer will not get a chance to file the income tax return of the previous financial year till the end of March in the current assessment year. Now tax payers can file returns only till December with 5 thousand rupees late fee.

income taxincome tax

They will have a chance

The government has ended the possibility of filing returns with 10 thousand late fees by March. But, still some people have given concession. There are people with income up to 5 lakh in it. People with income up to 5 lakh rupees can file returns with a late fee of 1 thousand rupees.

Taxpayers will benefit

It is being claimed that this amendment will soon settle the return filing process. This will speed up the refund to qualified taxpayers. The government is making these efforts to make the income tax return process easier.

Penalty will also be imposed for delay in linking Aadhaar with PAN

Aadhaar link to PAN has also been talked about in Finance Bill-2021. There is a provision for penalty for not doing it. According to the new rule, a penalty of 1 thousand rupees will have to be paid for not providing Aadhaar with PAN by 31 March 2021.

Inputs: www.indiatimes.com

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Mirza Shehnaz
Shehnaz Ali Siddiqui is a Corporate Communications Expert by profession and writer by Passion. She has experience of many years in the same. Her educational background in Mass communication has given her a broad base from which to approach many topics. She enjoys writing around Public relations, Corporate communications, travel, entrepreneurship, insurance, and finance among others.
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