Pay your tax liability soon, to reduce interest burden
The Hindu
Even though the date for filing tax returns has been extended to Dec 31, if your tax liability exceeds ₹1 lakh, it will attract 1% interest every month, experts say
Even though the due date for filing income tax returns has been extended to December 31, taxpayers should note that they have to pay 1% of interest every month if their remaining tax liability exceeds ₹1 lakh and has not been paid by July 31.
The due date for filing the returns would normally be July 31, 2021. This was initially extended up to September 30 and has now been extended to December 31, 2021. The return pertains to the financial year 2020-21 and assessment year 2021-22.
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