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, they have time till Sept 2021 to pay self assessment tax as well. Hope I’m right?