Senior citizens whether salaried or not may have some income sources for which they need to file their return of income just as others. The income sources can be from interest income, capital gains, rental income, dividend etc.
Now if you are a senior citizen or file ITR on behalf of some one who falls in the category:
Here is specified below the due and last date to file ITR for senior citizens for FY 2019-20 or Assessment year 2020-21:
Now for regular citizens for accounts where there is no audit requirement, the due date has been revised to December 31, 2020. Note this is the due date and not the last date.
The last date is however March 31, 2021. For the FY 2018-19, Assesssment year 2019-20, the last date was extended to November 30, 2020.
Nonetheless failure to file the ITR by the due date comes with own set of consequences:
Any previous losses cannot be carried forward for set off against income of subsequent years.
Also if full tax was not paid by March 31, 2020 then the taxpayer would need to pay
interest on the short fall even if already paid afterwards for period of delay in filing of the ITR.
Besides, in case of refund, the assessee will lose out on any interest payable for the period of delay.