ITR filing date has extended!
But wait..
Will you end up paying extra Penal Interest?
What is the due date for filing ITR for AY 2020-21 (FY 2019-20)?
The due date for all Income Tax Returns for FY 2019-20 has be extended to
30th November, 2020.
Which Interest is relevant to take timely action and save money till
the due date of filing ITR (30/11/2020)?
Interest u/s 234B – Interest for default in payment of Advance Tax.
Applicability of Interest u/s 234B:
Interest under section 234B is applicable when:
o Your tax liability after reducing TDS for the financial year is more
than Rs 10,000 and you did not pay any advance tax.
OR
o You paid advance tax, but advance tax paid is less than 90% of
‘assessed tax’.
Only senior citizens (60 years and above of age) who do not run a business are
exempt from paying advance tax.