Penalty you will pay for missing ITR filing deadline and who won't have to pay

THE ECONOMIC TIMES Sat, Dec 26, 2020 | 11:43 AM IST ITR guide

Penalty you will pay for missing ITR filing deadline and who won't have to pay If you file your income tax return after the expiry of the deadline, then a penalty will be levied of up to Rs 10,000. However, there are exceptions to this rule. What is the last date to file ITR? Under the current income tax laws, the deadline to file an income tax return varies for different categories of taxpayers such as individuals, company etc. Given below is the table providing last dates to file ITR for FY 2019-20. Forgot to verify your income tax return? Here's help An ITR filed but not verified is treated as an invalid return by the department. It would mean that you have not filed the ITR for a particular assessment year. An individual can file a condonation delay request on the income tax e-filing website. How to check ITR-V receipt status You can verify your ITR either electronically, using OTP, EVC, or physically by sending a signed copy of ITR-V to CPC, Bengaluru. ITR not processed by the tax department? Here's what you can do If your ITR is not processed by the tax department, then you can raise a grievance for the same. How long do you have to keep your income tax related documents? Documents such as rent receipts, section 80C tax saving documents etc. which prove the claims made by you in your tax-return are advised to be kept safely. However, the question arises how long should you keep these documents safely. Made a mistake while filing ITR? Here's how you can correct it A mistake made at the time of filing ITR can be corrected by filing revised ITR. Section 139(5) of the I-T Act states that after filing their return if someone discovers any omission or wrong statement, he can furnish a revised return. 5 reasons you could get an income tax notice and how to deal with it Once you have filed your income tax return, the income tax department processes your tax return. If a discrepancy is found, the department will issue you a tax notice. Here are 5 reasons for receiving tax notice and how to deal with it. What happens if you miss the ITR filing deadline You can file a belated ITR before the end of the relevant assessment year. However, a penalty will be levied. ITR filing: List of essential documents to finalise tax return An individual is not required to submit any documents while filing an income tax return. However, there are several documents that are required to finalise tax returns. Here is a list of such documents.

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