No relief in interest levied: Don't wait until last minute to file ITR

Interest charged under Section 234A will increase if you delay

The new deadline to file your income-tax returns (ITR) for 2019-20 (Assessment Year 2020-21) has been extended for the second time by a month to December 31. In case of taxpayers whose accounts get audited, the ITR filing deadline is now January 31, 2021. It won’t help you to wait until the last minute to file ITR.

Refunds will be delayed

If you delay filing your ITR, your refund will also come to you late. Says Archit Gupta, founder and chief executive officer, ClearTax: “Those who need a refund must file immediately, so that their ITR can be processed quickly.”