In
the tumultuous period of income tax return filing session,
numerous taxpayers missed the August 31 deadline for Income Tax Return filing.
Did you also miss it? Relax! If you missed the tax deadline you do not need to
feel panic about this as there is still a choice to file a belated ITR with
penalty fee ranging from 5000 to 10,000. After Income Tax Department has
furnished the new rule, from 2019 onwards, those individuals filing returns
after the last date is obligated to pay a late fee under section 234EIncome Tax
Act 1961. However, the amount of penalty will depend on the tax assesses earned
income and the delay of filing ITR.
So,
if you also missed the deadline for ITR filing, here's the key point
that one should keep in mind before filing a late ITR return-
- According to Income tax administration
website incometaxindia.gov.in, any taxpayer who has not filed ITR
before the due date of the income tax return can furnish the return of
their income at any time before 31.03.2020 or the end of the relevant assessment
year 2019-20.
- A penalty will be imposed for every belated
income tax return filing under section 234F.
- As per the income tax rule, a fine of Rs. 5000
will be levied on individuals if they file ITR after the due date but before
December 31 2019.
- The penalty increases to Rs 10,000 if the
taxpayers file the return next year between January 1 2020 to March 31
2020.
- Those who have Gross Total Income belowRs 5
lakhare required to pay Rs 1,000 for filing ITR after the due date.
What
is belated income tax return?
If
any individual fails to file their ITR before the due date can efile
ITR under sector 139(4) of the Income tax act. The belated return can
be filed before the end of the relevant assessment. This means that you can
file a belated return for Financial Year 2018-19 by March 31, 2020, i.e.,
before the end of the current assessment year 2019-20.
As
per CBDT, those taxpayers whose annual income is up to Rs. 5 lakh or below is
liable to pay a penalty of Rs. 1000. This late will be imposed in addition to
any tax liabilities. This decision has been taken by the Income Tax Department
with a motive to encourage taxpayers to file their taxes on time.
Meanwhile,
this year the efiling of Income Tax Return
department has made a tremendous world record as over 5.65 crore income tax
returns were filed by the taxpayers. It has shown a 4 percent rise in ITR
Filing over the previous year.
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