If you missed out on filing an IT return, don't worry, you can do it now

If you forgot to file your income tax return, you no longer need to worry. You still have a great chance. You can file your income tax return for the financial year 2019-20 by March 31, 2021. But now you just have to pay a late fee.

Favorite chartered accountant Rajesh Khaitan said, "Usually you have to pay Rs 5,000 between August and December instead of the late fee. The late fee for filing a return between January and March is increased to Rs 10,000, but this time the scheduled date was extended to December, so a late fee of Rs 10,000 has to be paid for submitting a return within a day.

But if your taxable income is less than five lakh rupees, you will have to pay only one thousand rupees in the form of late fee and if your income is less than two lakh 50 thousand, you can file your income tax return (ITR) by March 31 without paying the late fee. Can be submitted.

Late fee has to be paid before depositing the return

"If you do not pay the late fee before submitting the return, your ITR will not be accepted," he said. You will also have to pay interest under section 234A of the Income Tax on your outstanding tax amount and if your tax amount is more than Rs 10,000 and you have not paid your next tax, you will also have to pay interest under sections 234 B and 234 C.

"Many people, whose income is deducted by a TDS employee, understand that they no longer need to file an income tax return, which is wrong," Khetan said. If people do not submit their returns, then it is their turn to respond to the notice of the Income Tax Department.