The taxman has stipulated a penalty amount (fee for late filing of income tax return) ranging from Rs 5,000 to Rs. 10,000 for filing of income tax return for assessment year 2019-20 after August 31, 2019, according to its website - incometaxindia.gov.in.
The amount of money charged as penalty or fine for a belated ITR increases based on the degree of delay.
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 I-T department.
An income tax return filed after December 31 but before March 31 attracts a late filing fee of Rs 10,000.
Earlier on Friday, the I-T department dismissed social media reports which claimed that the government has extended the due date for filing of income tax returns (ITRs) by a month and advised taxpayers to complete the process by the set deadline of August 31.
The clarification came after a fake order dated August 29 started doing the rounds on various social media platforms, including Twitter and WhatsApp groups, claiming that the government has extended the due date for filing income tax returns for individuals (financial year 2018-19) by a month till September 30.
On July 23, the government had extended the due date for filing income tax returns by individuals for financial year 2018-19 by a month till August 31. The earlier deadline was July 31.
The I-T department provides various forms for income tax assessees to file their ITR or income tax return. Meant for different types of taxpayers, such as salaried or self-employed individuals and companies, these income tax forms are known as ITR-1, ITR-2, ITR-3, ITR-4, ITR-5, ITR-6 and ITR-7, according to its website.
After submitting the return, individuals are also required to verify their returns. I-T Department offers five ways for verification of an ITR: net banking, bank ATM, Aadhaar OTP, bank account and demat account, according to the I-T's e-filing portal.
After e-filing, users can also find information on the status of their submission through the Income Tax Department's website.
The deadline for filing income tax returns for assessment year 2019-20 (financial year 2018-19) ends today. It is compulsory for individuals earning a specified amount of income in a year to file income tax return (ITR). An assessee who does not submit a return of income within the deadline is allowed to file a belated return at a later time. 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.