In case you have not filed your income tax return (ITR) for the financial year 2018-19 (or assessment year 2019-20), you can still do it by March 31, 2020, with a late fine of Rs 10,000. According to the Income Tax (I-T) department, an assessee who does not submit a return of income within the deadline is allowed to file a belated return at a later time. However, certain penalty charges are applicable in case of a belated income tax return (ITR). The deadline to submit ITR for the current financial year was August 31, 2019.
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A belated income tax return attracts a late filing fee under Section 234F of the Income Tax Act. The amount of penalty payable by the assessees filing a late return increases based on the degree of delay.
Income Tax rules state that a fine of Rs 5,000 is applicable if an individual files ITR after the due date but before December 31. The penalty increases to Rs 10,000 if the assessee filed the return next year between January 1 and March 31.
Those who have an annual income of Rs 5 lakh, however, are required to pay Rs 1,000 for filing ITR after the due date
It is compulsory for individuals earning a specified amount of income in a year to file an income tax return (ITR). The I-T department provides various forms for income tax assessees to file their ITR or income tax return.
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