New Delhi: The last day for filing of income tax returns (ITR) for financial year 2018-19 was August 31, hence those individuals who missed the deadline must be feeling jittery now.
However, all is still not lost as yet for those who have not yet filed their ITR. The taxpayers may still do so, although they will now be asked to pay a fine of up to Rs 10,000.
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.
Here's a look at the tax slabs before you begin filing your ITR for the FY 2018-19
Individual Tax Payers below the age of 60
-Up to Rs 2,50,000: NIL
-Rs 2,50,001 to Rs 5,00,000: 5%
-Rs 5,00,001 to Rs 10,00,000: 20%
- Rs 10,00,000 and above: 30%
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.