The Income Tax Department has tweeted through its Twitter handle that the last date for filing of income tax
Income Tax Filling Deadline: Income tax department said- it is necessary for these people to fill ITR by 30th September
Income Tax Filling Deadline for AY 2019-20 / CBDT: In the midst of Corona crisis, the government had extended the last date for filing income tax returns for the financial year 2018-19 till September 30, giving great relief to the income tax payers. Its deadline is approaching.
New Delhi. The Income Tax Department has tweeted through its Twitter handle that the last date for filing of income tax returns for the financial year 2018-19 is nearing. That is why taxpayers should file their returns as soon as possible. Let us tell you that earlier for the financial year 2018-19, the Income Tax Department has extended the last date of ITR filing to 30 September. At the same time, earlier this deadline was kept till 31 July.
The date for filing returns for the financial year 2019-20 has also been extended till 30 November 2020. Usually its last date is 31 July.Now what would happen if I did not file the return? If a taxpayer does not file a return by this deadline, then he will not be able to file the return. Usually a penalty is imposed for not filing an income tax return by the due date. Suppose if the last date for filing an ITI is 31 July and you have not filed the return by 31 August, then you will have to pay the penalty.
After the deadline, a penalty of Rs 5,000 will have to be paid on filing the return by 31 December. Whereas if you file the return after December, then 10,000 rupees will be charged as penalty. Failure to fill ITR can result in jail for three months to two years. If the arrears of income tax is more than Rs 25 lakh, then there can be jail for up to 7 years.
Returns for any financial year are filed in the assessment year. Like assessment year FY2019-20 for FY2018-19. Returns for FY2018-19 by 31 March 2020 can be filed with Fine.CBDT had extended the last date for filing income tax returns last month for the third time. ITR was to be filed by 31 March 2020 for the financial year 2018-19. However it was first extended till 30 June. Then it was extended the last date of 31 July and now it was increased to 30 September 2020.
