The Deadline For Filing Income Tax Return is the date on which individuals must submit their individual income tax returns to the federal government. This date typically falls on April 15th. The idea of Tax Day came about with the ratification of the Sixteenth Amendment. Since then, the date has become a significant part of American life. But what is it exactly? What are the penalties and advantages of filing a tax return on time?
The deadline for filing federal income taxes is April 15, but in some states the deadline is extended to the next business day. This year, April 15 fell on a Friday, meaning that many taxpayers would have had to file their returns on the next business day. In the District of Columbia, however, Emancipation Day, an event commemorating the end of slavery in the District of Columbia, was observed. This meant that the IRS would not be able to enforce a filing deadline on April 15 because there would be a holiday on that day. The following day was April 18th.
The U.S. government has made it easier for people to pay their taxes each year. The deadline for filing income tax returns is April 15 for U.S. citizens and April 18 for resident aliens. In addition, U.S. military personnel are granted an automatic extension to June 15 until the next calendar quarter closes. While this extension is an added cost, it doesn’t affect the amount of refund the taxpayer will receive.
The deadline for filing income tax returns is fast approaching. There are thousands of people who have already filed their returns, but there are still several people who haven’t done so. Despite this, there are many technical glitches on the e-filing website. The government has made it clear that it has no plans to extend the deadline for filing ITR. Therefore, it is important to file your return early.
There are also monetary penalties involved when an individual files an ITR late. A late-filed return attracts a penalty of up to Rs. 5,000. However, if the taxpayer has a low income and isn’t required to pay the penalty, then the penalty is only Rs.1,000. If you file your return on time, you will not have to pay any penalties or interest. This is a major plus for those who are concerned about their finances and want to keep a clean record.
However, if you don’t have enough money to pay your taxes on time, you can request an extension from your state. Then, file Form D-410 by midnight on April 18th. Keep in mind that this extension is only for filing the tax return; it does not extend the payment period. If you do not pay your tax by the deadline, you could be subjected to late-payment penalties and interest at the statutory rate. The only exception is if you pay your taxes through withholding, in which case you will not be charged any penalties.
The IRS delayed the filing season in 2015 and 2016 in order to prepare for the Covid-19 relief programs. This will impact your 2021 tax return. The three-year-old stimulus check, the child tax credit, and unemployment insurance changes will be different from those of 2020. The child tax credit is still available after the Oct. 17 deadline, but the child tax credit will be included in your 2021 tax return. But, remember that the deadline for claiming these programs is approaching.