New Delhi | Jagran Business Desk: As we have entered March 31, 2021, the last date of the financial year, some tasks need to be completed before the day ends, including the most important, filing ITR. So, those taxpayers who haven't filed their Income Tax Returns (ITR) for the financial year 2019-20, then hurry, as today (March 31) is the last day. If you fail to file by the end of the day, then, a taxpayer might face serious actions.

“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,” I-T Department was quoted saying.

A taxpayer can file their Income Tax Returns via the official website of IT Department--incometaxindiaefiling.gov.in. In case of any query while filing ITR, then he/she can call on the toll-free number--18001030025.

Follow the below step-wise guide to file your ITR online:

Step 1: Go to the official Income Tax e-Filing website

Step 2: Enter your credential such as PAN number, Password, and click 'Login'.

Step 3: Now, click on the 'e-File' and then 'Income Tax Return' link.

Step 4: Now, click on ‘Assessment Year’>‘ITR Form Number'>‘Filing Type’> ‘Original/Revised Return’.

Step 5: Now click on ‘Submission Mode’ and select 'Prepare and Submit Online'

Step 6: Now click ‘Continue’

Step 7: Now, enter your details in the mentioned fields after reading the instructions carefully.

Step 8: Now under 'Taxes Paid and Verification', choose the appropriate Verification option

Step 9: Now click on 'Preview' to verify all the data you have entered

Step 10: After filling in all the details, click on ‘Submit’

What will happen if you fail to file ITR?

Owing to the COVID-19 pandemic, the central government extended the last date of filing FY 2019-20 ITR to March 31, 2021. If a taxpayer fails to file returns by the end of March 31, then he/ she will have to face serious consequences.

1. He/She will not be able to file ITR and will also be levied a fine of Rs 10,000 under section 234F of the IT Act.

2. Taxpayer can be levied to pay a minimum of 50 per cent or a maximum of 200 per cent of the assessed tax.

3. Taxpayer can also face prosecution under Section 276CC of the IT Act (imprisonment for a term up to 7 years along with a fine). However, this is applicable only in high-value or extreme cases.

Posted By: Niharika Sanjeeiv