Mumbai, July 23: The last date for filing of Income Tax Returns for the assessment year (AY) 2019-2020 and financial year (FY) 2018-2019 is July 31. To make things easier, AY is the year in which you assess your income and file your return. FY, on the other hand, is the year in which you earn your income. Spam SMS Alert: Fake Income Tax Refund (ITR) Message Leads to Malicious Link Seeking Bank Account Details.
In case you are keeping it for the last day, let us remind that there has been no extension in the date till now. Last year for the period AY (2018-19), the last date was extended to August 31, 2018.
One needs to remember that if you fail to file your returns by the due date, the Income Tax can penalise you. If you completely forget to file your Income-tax returns, it can also amount to a jail term. Check the important dates below which you should keep in mind and also penalty amount if you miss the crucial date.
Watch the video to know the common mistakes while filing ITR
According to the amended rules of Section 234F which came into effect from April 1, 2017, delay in payment of Income Tax returns comes at a price.
In case you file your return after the due date but before December 31 of the assessment year 2019-2020, you will have to pay Rs 5,000 as a penalty. This is applicable for people whose income is more than Rs 5 lakh.
If you file it between January 1 and March 31 of the assessment year 2019-2020, and your income is less than Rs 5 lakh, a penalty up to Rs 10,000 needs to be paid.
Be extremely careful and don't take your ITR filing lightly because if you completely forget to file your returns, the tax department can send you a notice and it can also lead to prosecution. Depending on the pending tax amount, the jail term can range anywhere between three months to two years.
So be careful and don't forget to file your ITR for FY2018-2020!