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is a user-friendly, simple to use online application. The interest and penalties will seem like nothing compared to the late filing penalties. date Prepare: 30 September Extension due to Covid 19: For the fiscal year end 31 December 2020, the due date for filing the tax return has been extended till 28 October 2021. is certified and authorized by IRS as their e-file partner. To be perfectly clear, a tax extension gives you more time to file your return, but not to pay your taxes.įile even if you don't have the money The final point I'd like to emphasize is that you should always file your return on time, or request an extension, even if you don't have the money to pay. In the previous example of a $1,000 balance that's a year late, you would owe $30 in interest and $60 in penalties, unless you get it waived.
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Unlike interest, the late payment penalty can be waived if you can show good cause for not paying on time.
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The late payment penalty is assessed in addition to interest and is 0.5% of any unpaid tax for each month or partial month it remains unpaid, up to a maximum of 25%. An IRS tax extension could get you six more months to file your taxes, but it doesn't change the due date for your tax payment. When a due date falls on a Saturday, Sunday or public holiday, you can lodge or pay on the next business day. For filing season 2017, the actual due date for returns normally due on April 15 will be April 18, 2017. for AY 2016-17, last date to file ITR u/s 139(1) is july 2016. Note: Any year in which a tax return due date falls on a weekend or federal holiday, the due date is moved to the next available business date. Unless otherwise stated, the due dates provided are for 30 June balancers only. Order u/s 119 of the Income-tax Act, 1961 regarding extension of dates for filing of belated and revised ITRs for the A.Y. So, if you owe $1,000 and pay a year after the deadline, you'll owe $30 in interest. This list of key dates is not comprehensive it is a guide only. The IRS's interest rate can vary, and is 3% for underpayments as of the first quarter of 2016. June 30, we grant you an automatic seven-month extension of time to file your corporate tax return. If your tax year ends on: a date other than June 30, we grant you an automatic six-month extension of time to file your corporate tax return. You will owe interest on any tax not paid by the normal due date, even if you have a legitimate reason for not paying on time - such as being out of the country or some other hardship. For tax years beginning on or after JanuDetermine the date your tax year ends.