Income Tax Return filing: ITR Deadline Deadline 31 December, Find Out What Happens If You Miss It?

Income Tax Return filing last date

The last date for filing income tax returns from the Income Tax Department has been extended to 31st December 2021. On the other hand, as the date for filing returns for the financial year 2020-21 (AY21-22) draws near, there is a demand from the taxpayers to extend the deadline.

Income Tax Return Deadline 31st Dec. 2021


The deadline for filing an Income Tax Return is approaching. The deadline for filing income tax returns from the Income Tax Department has been extended to 31st December 2021. On the other hand, as the date for filing returns (ITR) for the financial year 2020-21 (AY21-22) draws near, there is a demand from the taxpayers to extend the deadline. Taxpayers are complaining of problems with the ITR portal. Also, the hashtag #Extend_Due_Date_Immediately has been trending on Twitter since Monday.


Deadline

The last date for filing returns for the financial year 2020-21 is 31st December. Earlier, the deadline was July 31, but it was extended to December 31. Now, however, taxpayers are again demanding an extension of the date. He says the ITR portal is constantly hanging. Because of this, they are having trouble filing returns. Taxpayers are tweeting on Twitter urging the government to extend the date.


4.67 Taxpayers filed returns

According to the Income Tax Department, a total of 4,67,45,249 taxpayers have filed returns in the country till December 27, 2021. On the 27th, 15,49,831 returns were filed in one day. Also, if there is any problem while filing the return from the Income Tax Department, it has been asked to contact at orm@cpc.incometax.gov.in.


What happens if I miss the deadline?

Taxpayers who have not yet filed their income tax returns can do so by December 31, 2021. ITR can be filed even after the date fixed by the Income Tax Department. However, fines may be levied for this. However, in such a case they cannot take the loss of the current financial year to the next year.


Why file an income tax return?

People earning more than the income tax rebate are required to file an income tax return (ITR). You should file a return even if your tax liability becomes zero after deducting deduction from total income. Today we are going to tell you the benefits of filing IRT.


Vehicle and home loan

The bank may ask you for a copy of the tax return when you apply for a vehicle loan (two-wheeler or four-wheeler). State Bank of India (SBI), the country's largest government bank, is seeking salary slips, TDS Certificate / Form-16, IT returns for the last two years from applicants for vehicle loans. In addition, a copy of the ITR also comes in handy when the bank cancels your loan application and you do not get the loan amount you want.


Government tender

Experts say that if a person wants to start his own business and for that he wants to fill a government tender, he has to submit ITR of last five years. The government department estimates your financial status by looking at a copy of your IRT. At the same time, it determines whether you will be able to meet the payment requirements.


Starting your own business

Businesses, consultations, or partners of the firm do not get Form-16. For this, ITR is more important for them.


Getting a refund

If you want to get a refund from the Income-tax Department, you have to file a return. You cannot claim a refund without filing a return.


Taking the loss to the next financial year

If you do not file a return, you will not be able to carry forward the capital loss (short term or long term).


Visa processing

If you are planning to go abroad, the Foreign Visa Consulate may ask you for a receipt for a certain amount of ITR during the interview. Some embassies may require IRT for the last three years. Some people may ask for a recent year certificate.


Buying a high life cover

Nowadays it has become a common thing to buy a life cover of Rs 50 lakh to Rs 1 crore. However, you get this life cover based on your ITR documents. Which verifies your annual income. Experts say that a life insurance company like LIC may ask you for a three three-years  ITR certificate. The company may ask you for a certificate on purchase of over 50 lakh turn insurance.






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