New Delhi: Individuals and the Hindu Undivided Family (HUFs) having income more than Rs 2.5 lakh, Rs 3 lakh for senior citizens of age 60 years to 80 years and Rs 5 lakh for super senior citizens of age 80 years or above, are required to file Income Tax Returns (ITR). Persons mandatorily required to file Income Tax Return include all companies, Limited liability partnership (LLPs), trusts, association, political parties whose income prior to the claim of exemptions exceeds the minimum chargeable to tax.
The last date to file income tax return (ITR) varies for different categories of taxpayers. For individuals, Hindu Undivided Families (HUF) and those taxpayers whose accounts are not required to be audited, the last date of filing ITR for the financial year (FY) 2018-19 is July 31, 2019. For other categories such as companies and working partners of a firm, the deadline of July 31 does not apply.
The tax department may extend the last date for filing income tax return (ITR) for the financial year FY2018-19 as it has already extended the deadline for employers to issue Form 16. Usually, the last date to file ITR by individuals is July 31 but this time it may get extended. The CBDT earlier issued a notification, where it extended the deadline for employers to file tax deducted at source (TDS) returns to June 30 and the last date to issue Form 16 to employees to July 10, 2019.
Individuals who miss the ITR filing deadline of July 31 2019, you can still file your return. However, it will be termed as belated ITR. The last date to file belated ITR is March 31, 2020. If you miss this deadline as well, then you will not be able to file ITR till you receive a notice from the Income Tax Department to do so.
Even though taxpayers have the chance to file belated ITR till March 31, they are advised against it because late filing fees will be levied if ITR is filed after July 31 and any time before March 31. The penalty for filing ITR post the deadline was announced in Budget 2017.
If you miss the due date, you can still file it till December 31 by paying a late fee up to Rs 5,000. If you fail to file the return even by December 31 that late fee us doubled to Rs 10,000 if you file it till March 31, 2020. For people with an annual income below Rs 5 lakh, a late fee of Rs 1,000 will be charged.
For small taxpayers whose total income does not exceed Rs 5 lakh, the maximum late fee amount will not exceed Rs 1,000 irrespective of when it is filed, i.e., before March 31.
Worth mentioning here is that if an individual’s gross total income does not exceed the basic exemption limit, then they will not be liable to pay late filing fees if they file belated ITR. If a resident taxpayer has income from foreign assets and they file belated ITR, then late filing fee will be levied even if the gross total income does not exceed the tax exemption limit.