ITR filing deadline not extended again, clarifies tax department
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Last month, the income tax department had extended the deadline for filing income tax return to August 31.
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@IncomeTaxIndia
It has come to the notice of CBDT that an order is being circulated on social media pertaining to extension of due dt for filing of IT Returns. It is categorically stated that the said order is not genuine.Taxpayers are advised to file Returns within extended due dt of 31.08.2019 https://t.co/m7bhrD8wMy
According to the fake order circulating on social media, the income tax filing deadline has been extended to 30th September.
If you fail to file income tax return by the deadline, you have the option to file the returns within the assessment year (AY), which is 2019-20. This means you can file a belated return till March 31, 2019, before the completion of assessment by the I-T department. But you have to pay a fine.
If you file your return after the due date but before December 31 of the assessment year, you will have to pay ₹5,000 as penalty. If you file it between January 1 and March 31 of assessment year 2019-20, you will have to pay a late fee of ₹10,000. This penalty is applicable for individuals who have an income above ₹5 lakh. In case you file it between January 1 and March 31 of assessment year 2019-20 and your income is below ₹5 lakh, you have to pay a penalty of up to ₹1,000.
Besides that if any payment was due, interest is levied for delay in filing the return of income. Interest is levied at 1% per month or part of a month.
Also, in case you fail to file your ITR altogether, the tax department can send you a notice and it can also lead to prosecution. #casansaar (Source - LiveMint)
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