INSUBCONTINENT EXCLUSIVE:
In case taxpayers missed this deadline, they can still file their income tax returns (ITRs).August 31 was the last date to file the income
tax return for the financial year 2018-19 (assessment year 2019-20)
In case taxpayers missed this deadline, they can still file their income tax returns (ITRs)
liable to pay interest, according to Income Tax (I-T) department's website- incometaxindia.gov.in
Filing income tax return is mandatory for individuals having an annual income of Rs 2.5 lakh or more
For senior citizens (individuals between 60 years and 80 years of age), the limit is Rs 3 lakh, and for very senior citizens (aged above 80
years), the limit is Rs 5 lakh, according to income tax rules.1
If income tax return (ITR) is not filed within the due date, the taxpayer is not allowed to carry forward any loss
However, house property loss can be carried forward, according to Income tax laws.2
When income tax return is not filed within the due date, interest under section 234A of Income Tax Act is levied
A belated return attracts late filing fees under section 234F of the Income Tax Act
The penalty increases to Rs 10,000 if the asseesee file the return next year between January 1 and March, according to I-T department.5
However, late filing fee cannot exceed Rs 1000 if the total income of an assessee does not exceed Rs 5 lakh.The taxman said that the total
number of ITRs filed from April 1 to August 31 this year rose to 5.65 crore, compared to the corresponding period a year ago
Individuals, who have filed their ITR during this duration, can find information on the status of their submission through the Income Tax
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