Find Out The Penalty Charges You Have To Pay For Missing Income Tax Deadline

Find Out The Penalty Charges You Have To Pay For Missing Income Tax Deadline

The Income Tax Department has set August 31 as the 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.

Here are key things to know about belated income tax returns – or the ITRs filed after the due date:

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What is a belated income tax return?

An income tax return which 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 Rs. 5,000 is payable for a belated return furnished by December 31 of the assessment year, according to the Income Tax Department.

An income tax return filed after December 31 but before March 31 attracts a late filing fee of Rs. 10,000.

Is there any rebate allowed in the late filing fee?

The amount of late filing fee cannot exceed Rs. 1,000 if the assessee’s total income does not exceed Rs. 5 lakh, according to the income tax website.

Source:-ndtv

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