Today is the last date of filing Income Tax Returns. The IT department had yesterday dismissed social media reports which claimed that the government has extended the due date for filing of ITRs by a month. In a tweet, the IT department has advised people to file Returns by today. On 23rd July, the government had extended the due date for filing income tax returns by individuals for the financial year 2018-19 by a month till 31st August.
The earlier deadline was 31st July. Individuals who fail to file their ITR today can file belated returns before the income tax department completes assessment of tax filings for the year. Ideally, if an individual has failed to file his/her returns by today’s deadline, the process should be completed positively by March 31, 2020.
However, you will have to pay a penalty if you file belated returns. Income Tax rules clearly state that a fine of Rs 5,000 is applicable if an individual files ITR after due date but before December 31. The penalty increases to Rs 10,000 if you file the return next year between January 1 and March 31.