File I-T Return

With the insertion of new section 234F under Income-Tax Act, 1961 it is levied a fee for delay in filing the Income-Tax (I-T) Return for the Assessment year 2021-22 (Financial Year 2020-21). Any person who is earning Salary, Pension or any other income who have not filed their I-T Return for the Financial Year 2020-21 shall file by paying a fee of Rs. 5,000 on or before 31.3.2022. However, the fee payable is restricted to Rs.1,000 for small tax payers whose total income is less than Rs. 5 lakh, which is arrived after allowing all deductions. Those who have not filed their I-T Return for the Financial Year 2020-21, shall file on or before 31.3.2022, according to a press release from N.D. Shreenivaas of Bhavani Associates.