My uncle is senior citizen. He will get his revenue from financial institution curiosity, shares and mutual fund dividend and earnings. He has to file his revenue tax return for monetary 12 months 1st April 2019 to 31 March 2020. I’m confused. Which is the final date for submitting return for him. Is it 31 Dec 2020 or 31 Jan 2021 or thirty first March 2021? Please assist me clear my doubts.
By Balwant Jain, tax and funding professional
There are two dates related for ITR submitting. One is due date and the opposite is final date. Persons are usually underneath the impression that the due date can also be the final date past which one can’t submit his ITR, which isn’t right. In case you fail to submit your ITR by due date, you possibly can nonetheless file it by the final date. The unique due date for submitting ITR for evaluation 12 months 2020-2021 related to monetary 12 months 1st April 2019 to 31 March 2020 was thirty first July 2020 and which has been prolonged until thirty first December 2020 resulting from pandemic Covid19. In case your uncle fails to file the ITR for this 12 months by thirty first December 2020, he can nonetheless file it by thirty first March 2021 which is the final date past which he will be unable to take action until the it’s prolonged by the federal government like for monetary 12 months 2018-2019 for which the final date was thirty first March 2020 and was prolonged until thirtieth November, 2020.
There are specific penalties which can observe in case your uncle doesn’t file his ITR by the date ie thirty first December 2020. So in case your uncle has any loss to be carried ahead for set off in opposition to revenue of subsequent years, he will be unable to take action if he fails to file the ITR by due date ie thirty first December 2020. Likewise in case full tax has not been paid by thirty first March 2020, he should pay curiosity on the quick fall even when already paid afterwards for interval of delay in submitting of the ITR. In case he’s entitled to refund, he could lose curiosity on such refund for the interval of delay attributable to him.