Income tax Return- Last date extended by Government – FY (2018-2019)
Do you know the last date for an income tax return is different for all categories of Taxpayers? The taxpayer individuals like Hindu undivided families whose accounts don’t need an audit usually the last date of filing ITR is fixed 31st July every year till the time government of India doesn’t do any extension. For this Financial Year (FY)2018-2019, the government of India has extended the deadlines to submit Income tax by the end of this month – 31st August 2019.
Moreover, Government has decided for other categories unlike Hindu such as companies and the working partners of a particular firm, deadline to submit ITR will be July 31 (August 31 for FY 2018-19) does not apply.
If forget ITR submission –
For those individuals, who will miss the deadline of ITR filing of August 31, 2019, for the year 2018-2019, you still have the option to submit ITR and this will be called belated ITR and the last date for belated ITR for the Year 2018-2019 is March 2020. If still, you miss this deadline also then there is no other option you won’t be able to file Income tax return till the time you don’t receive any notice from the government to do so.
Penalty For filing ITR After Deadline –
There is a Penalty for filing ITR after the deadline and it was already announced in the budget of 2017 but it came into implementation from the AY 2018-2019, for those taxpayers who file Income Tax from the AY 2017-2018. But before this, it was not in effect. After this, Section 234F was introduced in the Income Tax Act which made late filing income tax is mandatory.
Late Fee for Income Tax Return Submission-
After August 31 but on or before December 31 – Rs 5000
Between January 31 and March 31 – Rs 10,000
For those taxpayers whose income is not too big whose income doesn’t exceed Rs 5 lakh, then the maximum late fee will not exceed Rs 1000.
Suppose if an individual’s gross total income doesn’t exceed the basic exemption limit then the individual will not be liable to pay any late income tax filing fees if an individual file belated ITR.
Income Tax Return Pay Online
Link Given Below for reference to pay Tax online.
According to the current income tax laws, the basic exemption limit is as Below-
Age of resident individual Basic Exemption limit (Rs)
Below 60 years 2,50,000
60 years or more but below 80 years (senior citizen) 300,000
80 years and above (Super senior citizen) 500,000
For more information visit the Income-tax department site.