For the Assessment year 2019-20, the last date for filing return was extended to August 31. And if you still have not filed your ITR, you can file the belated return until December 31 in order to avoid paying huge penalty amount. In Budget 2017, a law was introduced under the provision of section 234F as per which late filing of income tax return would attract penalty amount and the same was implemented from FY 2017-18 or AY 2018-19.
So, as the deadline for filing ITR for Ass yr. 2019-20 has already passed, those of you who file ITR on or before December 31, 2019 will need to pay Rs. 5000 as penalty amount. And if you still do not pay heed and file your return after December 31 but before the end of the relevant assessment year i.e. before March 31, 2020, penalty amount charged would be Rs. 10,000.
Notably, if your gross total income in a year does not exceed Rs. 5 lakh, late filing fees would be just Rs. 1000.
Late ITR filing penalty amount
ITR filing date Penalty charged
After August 31, 2019 but on or before Dec 31, 2019 Rs. 5000
Between Jan 1, 2010 to March 31, 2020 Rs. 10000
Also, if your income is lower than the taxable limit, you would not be liable to pay a late filing fee. At present the basic exemption limit for resident individuals aged less than 60 years is Rs. 2.5 lakh. For senior citizens aged between 60 years but less than 80 years, the exemption limit is up to Rs. 3 lakh. And for super seniors aged 80 years and above, income up to Rs. 5 lakh does not attract any tax implication.
Nonetheless, for ordinarily residents with earnings from foreign assets, even if their income is below the taxable limit, late filing of income tax return would attract penalty charges.