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?
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
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.
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
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!