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New Delhi, Dec 30: In view of the continued challenges faced by taxpayers in meeting statutory compliances due to outbreak of COVID-19, the Govt further extends the dates for various compliances.
Due date for furnishing of Income Tax Returns for the assessment year 2020-21 for taxpayers (including their partners) who are required to get their accounts audited has been extended to February 15.
This year the government has raised the penalty amount for missing the deadline, by imposing a fine up to Rs.10,000 as opposed to the Rs.5,000 imposed last year. The practise of charging late filing fees under section 234F was introduced in the Budget of 2017 and became effective for financial year 2017-18 or assessment year 2018-19 onward.
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