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Did you file your ‘Income Tax Return’ for Annual Year 2020-21 ? Check the rules here…

Did you register your Income Tax Return for Annual Year 2020-21 as of yet?   If not, Income tax India has significant information for you. There are 5 days, including March 27, are left to file your return and the last moment hurry could delay your ITR filing. This notification is more kind of a warning and outcomes if you fail to file your repay on the said deadline, which is March 31. Income Tax India said ITR filing past the deadline may draw a late fee. It has made the taxpayers finish the exercise at the earliest to dodge interest fees.

“DO NOT IGNORE THIS! If you haven’t filed your Income Tax Return (ITR) yet, this is your last chance to do so. The last date to file your ITR for AY 2020-2021 is March 31st, 2021,” Income Tax India Tweeted warning citizens to make the application before March 31.

One can file their income tax returns through incometaxindiaefiling.gov.in. Taxpayers can also reach 18001030025 in case of any query or if they encounter difficulty while filing their return. Meanwhile, many rules will vary from April 1, including linked to Income Tax. From April 1, one’s investment in an EPF account is no more completely released from the income tax. From 1s April 2021, one’s investment in EPF above Rs 2.5 lakh in a financial year is taxed.

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One’s EPF interest on EPF investment over Rs 2.5 lakh in a particular year is payable. The income tax rule for TDS (Tax Deducted at Source) will get revised from 1st April 2021, which is just a few days away. In her budget speech, Sitharaman said that if a person doesn’t register an income tax return (ITR), then, in that case, the TDS rate on bank deposits would increase. That means, even if an earning individual doesn’t befall in the income tax slab, the TDS rate inflicted on them will be increased(in case the earning individual does not file ITR).

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