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Missed ITR Filing For FY 2018-19? This Is What Tax Dept Says

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The income tax department keeps a record of individuals who skip filing ITR in subsequent years and in its e-mail message the department says, "We missed you. You've been a regular filer. However, we couldn't help but notice that you were missing this year. So here's a little reminder".

 

Missed ITR Filing For FY 2018-19? This Is What Tax Dept Says

This is in a bid to augment tax compliance and the campaign has been launched to given an opportunity to those who have not filed ITR for FY 2018-19 or AY 2019-20 till the allowed time to do it now until March 31, 2020 but the late fee will remain as applicable. The email message ends with "Waiting for you to file" but stops short of threatening taxpayers with any penal action for not filing ITR.

The last day of filing ITR was extended by a month to August 31 because of the delay in Form 16.

Individuals who fall in the taxable income category need to file their ITR regardless of the fact whether or not they are liable to pay tax.

And if you file the belated return now and before December 31, 2019, you will be charged a penalty of Rs. 5000 as per Section 234F. While in the other case when you comply with the filing requirement by March 31, 2020, then you would need to shell out Rs. 10,000 as penalty charges.

In a case when the annual income is not more than Rs. 5,00,000, then the total penalty cannot be more than Rs. 1000 and in the case when tax is also due then a monthly interest of 1% on your tax due till the month of payment.

GoodReturns.in

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