Deadline for filing ITR for the last fiscal year is extended to September 30, 2021
The Income Tax Department said Wednesday it will refund overpaid interest and late fees paid by taxpayers as a result of a software error during the filing of ITR for 2020-21. The deadline for filing ITR for the latest fiscal year has been extended to September 30, 2021, from July 31, to provide taxpayers relief from compliance during the pandemic. However, some taxpayers complained that interest and late fees were charged when filing the income tax return (ITR) after July 31, 2021.
The department said in a tweet that the ITR software was self-corrected on Aug. 1 to remove the error resulting from an incorrect calculation of interest under Section 234A and late compensation under Section 234F of the Act. the income tax.
“Taxpayers are advised to use the latest version of the ITR preparation software or online file. If anyone happens to have already submitted the ITR with such incorrect interest or late fee, the same will be calculated correctly during processing at CPC-ITR and the any overpayment will normally be refunded,” the IT department tweeted.
Nangia & Co LLP partner Shailesh Kumar said that errors or bugs in ITR or any other e-filing tool is a common phenomenon. After the errors/bugs have been discovered, the Tax and Customs Administration releases a new version of such an e-filing tool, which removes the error/bug.
“So taxpayers are always advised to check the latest e-filing tool when submitting their ITR. If errors are still found, they should be reported to the relevant authorities for the necessary resolution,” said Kumar.
