Filing an income tax return after the due date attracts a penalty fee up to Rs 10,000 under current laws.The Income Tax Department has set August 31 asthe due date for assessees to file their income tax returns (ITR)for financial year 2018-19 (assessment year 2019-20).
Missing the last date attracts penalty charges, according to income tax rules.
The taxman has stipulated a penalty fee ranging from Rs 5,000 to Rs 10,000 for filing a belated income tax return, according to the Income Tax Department's website - incometaxindia.gov.in.The amount of penalty payable by the assessees filing a late return increases based on the degree of delay.What is a belated income tax return?Anincome tax returnwhich doesn't get furnished by the due date set by the taxman is known as a belated return.
A belated return of income is furnished under section 139(4) of the Income Tax Act.What happens if one misses the income tax deadline?An assessee who does not submit a return of income within the time period stipulated by the Income Tax Department is allowed to file a belated return at a later time.
Such assessees are required to file the income tax return before the end of the assessment year/completion of assessment, or one year before the end of the relevant assessment year/completion of assessment, whichever earlier.However, certain penalty charges are applicable in case of a belated income tax return (ITR).
A belated income tax return attracts a late filing fee under Section 234F of the Income Tax Act.A late filing fee of Rs5,000 is payable for a belated return furnished by December 31 of the assessment year, according to the Income Tax Department.An income tax returnfiled after December 31 but before March 31 attracts a late filing fee of Rs10,000.Is there any rebate allowed in the late filing fee?The amount of late filing fee cannot exceed Rs1,000 if the assessee's total income does not exceed Rs 5 lakh, according to the income tax website.Get Breaking news, live coverage, and Latest News from India and around the world on TheIndianSubcontinent.com.
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