Date extended once again, now file your ITR by 10 January

The last date for filing ITR has been extended once again. Now you can file ITR by 10 January 2021. Its last date was 31 December 2020. Now if you do not file ITR by 10 January, then after that you may have to pay a fine.

Now you will be able to file ITR for the financial year 2019-20 (assessment year 2020-21) by 10 January 2021. The Income Tax Department said on Wednesday that under the ‘Dispute to Confidence’ scheme, the last date for declaration has been extended to 31 January 2021. Whereas for the financial year (2019-20), the last date of filing of income tax return to companies has been extended to 15 February 2021.

In fact, the Income Tax Department has given 10 days of time to the people in view of the Corona crisis. The last date to file Income Tax Return (ITR) was 31 December 2020. According to the Income Tax Department, till December 28, a total of 4.37 crore ITRs were filed. Whereas till 6 pm on 29 December, more than 10 lakh 64 thousand ITRs were admitted.

The central government has been trying to increase tax collection. For this, the process of filing ITR is constantly being simplified. This time too, people are being told that they can easily file ITR while sitting at home. The Income Tax Department is constantly warning that do not wait for the last date to file ITR.

If a person crosses the limit of filing late returns, then the Income Tax Department can take action against him. There is also a provision of jail for 3 months to 2 years under this action. If the outstanding tax amount is more than 25 lakhs then this punishment can be up to 7 years.

It is important to note that in India, it is necessary to pay income tax for every person from a job, business or profession. The condition for this is that your income tax exemption limit is more than 2.5 lakh rupees.

In August 2020, the central government released the data of people who have filed income tax i.e. income tax in the last 5 years. According to government statistics, in a country with a population of more than 130 crore, only 15 million people pay income tax. If it is compared with the total population, then the number of income tax payers is only a little more than one percent in the country.