Missed filing Income Tax Returns
Missed filing Income Tax Returns by deadline of 31 August? Know various options to file The filing date for the return of income tax is 31 August 2019. From 31 July 2019 to 31 August 2019, the deadline was expanded. Following are the choices remaining to the individual who did not file his income tax returns by the due date and would like 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
Note also that you are unable to file revenue return after March 31, 2020. This is because late earnings return 9 (i.e. filing returns after due date) should also be submitted until the end of the 2019-20 evaluation year, i.e. March 31, 2020. You can only file your returns if you receive a notification from the Department of Income Tax
Following benefits you will miss if you don’t file returns before deadline of 31 August
- The return can not be revised once it has been submitted.
- Can not bring any losses forward if any.
- The assessee will have to pay interest on any unpaid tax.
- Face question why delayed in case of requirement of bank loans or Visa processing