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Missed filing Income Tax Returns by deadline of 31 August? Know various options to file


Missed filing Income Tax Returns by deadline of 31 August? Know various options to file

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Missed filing Income Tax Returns by deadline of 31 August? Know various options to file

 

The Income Tax returns filing deadline is over which was 31 August 2019. The deadline was extended from 31 July 2019 to 31 August 2019.  Following are the options left with person who has not filed his income tax returns by due date and want to file now.

 

Options

Deadline

Conditions and Penalty

Option 1

File Before 31 December 2019

Penalty Rs 5000/- If Gross Total Income is more than Rs 5 Lakhs, if less than Rs 5 Lakhs penalty is Rs 1000/-

Option 2

File Before 31 March 2020

Penalty Rs 10,000/- If Gross Total Income is more than Rs 5 Lakhs, if less than Rs 5 Lakhs penalty is Rs 1000/-

Option 3

After 31 March 2020

Wait to receive Notice from Income Tax Department to file your returns, only then you will able to file returns, as there is no other option

 

 

* If Gross Total Income is less than 2.5 Lakhs there is no Penalty to be paid if you file before 31 March 2020

 

Also Note that you can't file return of income post 31st March 2020. It's because belated return of income 9 (i.e filing returns after due date) should also be filed till the end of the assessment year 2019-20, i.e 31 March 2020. You can only file if you receive a notice from Income Tax department to file the returns

 

 

Following benefits you will miss if you don’t file returns before deadline of 31 August

 

1) Cannot revise the return once filed.

2) Cannot carry forward losses if any.

3) The assessee will have to pay interest on any tax that had not been paid.

4) Face question why delayed in case of requirement of bank loans or Visa processing

 

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