Due date of income tax payment

I understand that the last date for filing ITR has been extended to 31st Sept. Is this extension applicable for paying tax as well? Or will be there any penalty if paid after 31st July? Please clarify. ITR-2 is applicable to me.

I think you should pay income tax before March 15 for current Financial Year.

For FY21 you should pay 100 % income tax due on or before 15th March 2021.

@TeamQuicko Can you clarify?

@ATDES is correct, you need to pay 100% of your tax liability in form of Advance tax before the 15th March of the financial year. Missing out on which may lead to interest u/s 234C and 234B

@vivek25, The last date of filing ITR when Tax Audit is not Applicable for AY 2021-22 is 30th September 2021. You can still pay self-assessment tax and declare it when filing your ITR

@Nireka Thanks.

My query relates to my senior citizen parents. I understand that they are not liable to pay advance tax.

So now after extension of due date for filing ITR, do they have time till Sept 2021 to pay self assessment tax as well? Hope I’m right?

last year I paid after 31 July 2020 as the

Though his not from income tax dept of India the reference wil be relevant

@vivek25, in case the outstanding tax liability is above INR 10,000 you should pay self-assessment tax before 31st July to avoid interest, and you can file ITR before the applicable due date.

@Nireka

You have mentioned that self assessment tax is to be paid by July 31st if liablility exceeds 10,000. But as per the mint article quoted by @venkat1926 , the threshold u/s Section 234A is Rs 1 Lakh.

The tax liabliltiy for FY21 is Rs 12000 for my parents and since assessee is senior citizen, advance tax is not applicable.

Please clarify.

I quote from the said article:

Like last year, the government has provided relief under Section 234A to taxpayers whose self-assessment tax is up to ₹1 lakh. Interest will be levied in case the tax liability of the person is more than ₹1 lakh

Hi @vivek25,

That is correct, interest u/s 234A will not be levied since net tax liability is less than INR 1 lakh. However, if it was above INR 10,000 interest u/s 234B would have been applicable from the beginning of the assessment year.
Here since the taxpayers are senior citizens, interest u/s 234B is not be levied since taxpayer if there is no business income. So, you can pay your taxes at the time of filing ITR.

Hope this helps!

What is the revised due date for filling Tax Audit Report for FY 2018-19? What is the penalty for failing to file Tax Audit report in case where it is applicable?

Hey Dixita,

The revised due date for tax audit is November 30, 2020. However, please note that a penalty may be levied under section 271B. The minimum penalty that can be charged is 0.5% of the total sales, turnover, or gross receipts. The maximum penalty applicable is INR 1,50,000. A penalty can be avoided if the taxpayer provides a reasonable cause for not having the accounting records audited.

Hey, Abhishek here.
Can you kindly tell me the procedure on how to push the tax on fd after I get the interest credited in my account?

Hey @abhishek_saha, you can find out the procedure to file the ITR for income earned via interest on FD in this article:

The due date for filing ITR for FY 20-21 has been extended from 31st July to 30th September owing to the ongoing pandemic.

However, taxpayers have been facing difficulties on the new IT portal for quite some time now. Taking notice of this, Finance Minister has urged Infosys to resolve the persisting glitches on the new portal by 15th September 2021. Amidst this, there are murmurs that the due date for filing ITR for FY 2020-21 might get extended.

So, do you think the Government will further extend the due date? Vote and let us know

Will the due date for ITR filing get extended?
  • Yes
  • No

0 voters

Is there any official communication from the Government regarding the due date extension?

Hey @kriti, there has been no official communication from the government as of yet regarding the extension of the due date for filing ITR. However, there is a fair possibility of it getting extended.

what is the due date to file i.t. returns for individual ?

Hey @HIREiN
The due date to file an income tax return is 31st July of the relevant assessment year for taxpayers to whom audit is not applicable, and 31st October of the relevant assessment year for taxpayers to whom audit is applicable.