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You Have To Pay These Penalty Charges For Missing Income Tax Deadline

The last day to file income tax return (ITR) for the assessment year 2019-20 (financial year 2018-19) is August 31, 2019. Missing the due date, set by the Income Tax Department, attracts penalty charges, according to Income Tax department’s website- The taxman has stipulated a penalty fee ranging from Rs 5,000 to Rs 10,000 for filing of income tax return for assessment year 2019-20 after August 31, 2019, according to its website. The amount of money charged as penalty or fine for a belated ITR increases based on the degree of delay.

Here are 5 things to know about penalty charges for missing ITR filing deadline:

1. Return of income which doesn’t get furnished on or before the specified due date is called belated return. A belated return of income is furnished under section 139(4) of the Income Tax Act.

2. Any person who does not furnish a return of income within the time period allowed can furnish return at any time before the end of the assessment year or before completion of the assessment, whichever is earlier or within one year before the end of the relevant assessment year or before completion of the assessment, whichever is earlier. However, the asseesee will be required to pay certain penalty charges in that case. A belated income tax return attracts a “late filing fee” under Section 234F of the Income Tax Act. 

3. Late filing fees of Rs 5,000 is payable if return is furnished after due date but before December 31 of the assessment year, according to the Income Tax Department’s website.

4. In other cases, wherein an income tax return is filed after December 31 but before March 31, late filing fees of Rs 10,000 is payable. 

5. However, the amount of late filing fees to be paid cannot exceed Rs 1,000, if the total income of the person does not exceed Rs 5 lakh, according to Income Tax department’s website.

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Source: NDTV Profit