FY2019-20 ITR deadline revised: Late filing fees, penalties, and more

Ramya Patelkhana
·3-min read


FY2019-20 ITR deadline revised: Late filing fees, penalties, and more
FY2019-20 ITR deadline revised: Late filing fees, penalties, and more

24 Oct 2020: FY2019-20 ITR deadline revised: Late filing fees, penalties, and more

The last date for filing income tax returns (ITRs) for assessment year (AY) 2020-21, which is the financial year (FY) 2019-20, has been extended by the government to December 31 for individual taxpayers.

Taxpayers should file taxes before the deadline as belated ITR filing has many consequences, including penalties, and will also make them ineligible for several tax benefits.

Here's everything to know.

#1: Late filing fee of up to Rs. 10,000 under Section-234F

Taxpayers shouldn't delay ITR filing as they will be liable for paying a late filing fee of up to Rs. 10,000 as per Section-234F of the Income Tax Act.

For returns filed after the deadline, but before December 31 of that assessment year, a late fee of Rs. 5,000 is levied. For returns filed after December 31, a fee of Rs. 10,000 is charged.

#2: Relief granted to those with below Rs. 5 lakh income

However, relief is also granted with respect to late filing fees to those taxpayers whose income is less than Rs. 5 lakh in a year.

As per the rules, the amount of the late filing fee to be levied cannot exceed Rs. 1,000 for a taxpayer who has a total income of less than Rs. 5 lakh.

Fact: #3: Penalty of 1% per month as per Section-234A

In addition to the late filing fees, a delayed ITR filing would attract a levy of interest under Section-234A of the I-T Act. The taxpayer will have to pay a penalty of 1% per month (or part of a month) for a delay in filing.

#4: Delayed filing makes you ineligible for these tax exemptions, deductions

Apart from penalties, delayed ITR filings will also make taxpayers ineligible for certain tax exemptions and deductions for that particular year.

In such cases, exemptions under Section-10A and Section-10B to new establishments will not be available.

Moreover, deductions cannot be claimed under Sections 80-IA/80-IAB/80-IB/80-IC/80-ID/80-IE for profits and gains from industrial undertakings/enterprises involved in infrastructure development.

And, deductions under Sections 80IAC/80IBA/80JJA/80JJAA/80LA/80P/80PA/80QQB/80RRB are also not available.

E-filing portal: Visit e-filing portal; log in or register for filing returns

To start the process of filing income tax returns, one needs to visit the income tax e-filing portal (incometaxindiaefiling.gov.in).

On the website, new users should first register themselves to create an account for filing the returns.

However, existing users can log in to their account using their PAN as the login ID and then enter their password.

Checklist: List of documents required for e-filing of ITRs

Before filing ITR online, one must also ensure that they have all the required details and documents for the same.

These include bank account details, PAN information, salary income details, rent receipts for claiming HRA, Form 16, and payslips. One should also have details of their house property income, home loan interest certificate, capital gains, and other income sources if any.