Missed the tax filing deadline? Do not worry, the deadline for filing tax extended to 30 November, with the increasing number of e-files. The system got hanged due to the overburden of a large number of taxpayers. Many states have deadlines that are different from the federal ones, so make sure you know when your return to the state is due. With the extended deadlines also many filters missed the deadline. So here are some points to guide you on what to do when you missed the deadline this year.
The following reasons stat that why a taxpayer misses the deadline
- There may be some problems with the form 16 or TDS detail.
- There is good news for those who missed paying the tax this year the income tax department has given relaxation to file your returns till 30 November 2020, the last day of this fiscal year.
- Missing the filing deadline is not an earth-shattering event
However, if you missed the deadline that’s not a big issue. The Tax Filing scenario this year revealed the more people rely on online filing of tax.
Good news for the taxpayer
The penalty will be applicable per month if the advance tax has not been paid. If you file your return late, you also forego some of your rights as a taxpayer. Taxpayers have been given some relaxation to file the return late as they have been given a grace period. Once filed return cannot be modified, so before doing anything think twice. If you missed any deduction or exemption later you won’t be able to modify, you can’t claim it later.
Filed after the due date, you cannot carry any short- term or long- term losses to eight financial years, you can also carry forward these losses. The late file will be benefited from these benefits.
Read Other Related Articles
|Various tax deductions in the Indian Income Tax Act 1961|
|Is Funds Investment way to Save Income Tax?|
|Majority of Young Don’t Claim Tax Refunds-Survey|
|Income Tax Returns Form 16|