New Delhi: For those who have not yet filed their income tax returns, the last day to do so is August 31, failing which the taxpayers may attract a fine of up to Rs 10,000.
As the deadline to file ITR comes to an end, taxpayers are advised to rush in to file complete the return filing process. This year, taxpayers are required to submit the returns for the 2018-19 financial year and the assessment year would be 2019-20.
Filing ITR can be done both online and offline. Not filing ITR or late filing can attract penalty up to Rs 10,000.
The penalty will be decided on the earning of the individual and also between the window in which ITR has been filed.
For those earning Rs 5 lakh p.a, ITR filed before the deadline will not involve any penalty. However if you file your ITR between September 1, 2019 and December 31, 2019, you will have to pay a penalty of Rs 1,000. For the same period you will have to pay Rs 5,000 if your earning is above Rs 5 lakh.
Those earning above Rs 5 lakh p.a, will have to pay penalty of Rs 1,000 if the ITR is filed between January 1, 2020 to March 31, 2020. For those earning above Rs 5 lakh, the penalty will be Rs 10,000 for late filing of ITR during the same period.
Taxpayers must keep all the required details like PAN, Form 16 and other important documents in hand while filing returns.
In a big relief to millions of taxpayers, the government had in June extended the last day for filing of Income Tax Returns (ITR) from July 31 to August 31.
The Income Tax Department had also issued advertisement guiding taxpayers over their ITR filing on multiple occasion.