The last date to file Income Tax returns is inching closer as July 31, 2019, is the last day for the assessment year 2019-20 (the financial year 2018-19). All those filing returns should note that the gross total income before allowing deductions under Section 80C and 80U exceeds R 2,50,000 in a financial year, it is mandatory to file returns. For senior citizens, who fall in the age bracket of 60-80 years the limit is Rs 3,00,000 while for super-senior citizens or those with more than 80 years, the limit is Rs 5,00,000.
Deadline to file Income Tax Returns (ITR):
- It should be noted that the July 31 deadline is only for individuals, Hindu Undivided Families (HUF) and those taxpayers whose accounts are not required to be audited.
- While for other categories such as companies and working partners of a firm, the deadline is September 30. In a third case, taxpayers who have undertaken international transactions during the relevant financial year and has to furnish report under section 92E can pay their taxes till November 30.
What happens if a taxpayer misses the ITR deadline: Anyone who misses filing the ITR before the deadline will be required to pay a penalty. It should be noted that earlier there was no fine on delayed ITRs, however, the government in 2017 had announced a fine for the same.
Filing tax after the due date is called belated ITR and it can be submitted till March 31, 2020. However, if a taxpayer fails to adhere to the deadline as well, he/she will have to wait for a notice from the tax department for filing ITR.
This is the penalty on late filing of ITR: Though there’s an option of belated ITR till March 2020, it will attract fine. If a taxpayer fils return by December 31, then the fine is Rs 5,000. The penalty for filing January 1 and March 31, 2020, is Rs 10,000. for those whose income is below Rs 5 lakh, the late fine is capped at Rs 1,000
For taxpayers whose total income is not above Rs 5 lakh, the fine amount will not exceed Rs 1,00 irrespective of when it’s filed (before March 31).