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Check the penalty for missing Dec 31 deadline, here's what must do

December, 23rd 2019
All the assessees and taxpayers who file income tax return (ITR) after the due date are considered as belated ITR filers and are treated accordingly The last date to file the belated income tax return (ITR 2018-19) filing is December 31, 2019, however, it can be filed before or on March 31, 2020, as well but you will require to pay a hefty penalty for this. All the assessees and taxpayers who file ITR after the due date are considered as belated ITR filers and are treated accordingly. Worth mentioning, August 31, 2019, was the deadline to file the ITR for the financial year 2018-19. For the financial year 2018-19, the income tax department had set a deadline of July 31 for filing of ITR for individuals but it was later on extended by one month. What does Section 234F of Income-Tax Act, 1961, says- Budget 2017 introduced a law of levying late filing fees under Section 234F of Income-Tax Act, 1961, which became effective from FY18 or assessment year 2018-19 onwards. If individual files belated ITR on or before December 2019, he or she will require to pay Rs 5,000 as penalty while filing it after December 31, 2019, but before or on March 31, 2020, will make you pay Rs 10,000 as fine. Who won't have to pay the penalty- You will not require to pay a late filing fee in case your income is below the taxable limit. But if your gross total income doesn't exceed Rs 5 lakh, then the maximum fees you are liable to pay is Rs 1,000. As per the existing income tax slabs applicable for the financial year 2019, resident individuals who are below 60 years with total income up to Rs 2.5 lakh are exempted from tax. While senior citizens aged 60 years and above but less than 80 years with total income up to Rs 3 lakh are exempted from tax. However, super senior citizens who are 80 years and above, total income of Rs 5 lakh is tax-exempt. How to file belated ITR- The process of filing a belated return is the same as filing the income tax return on or before the due date. The only difference is that while filing the applicable ITR form, you will need to select 'Return filed under Section 139(4)' in the drop-down menu in the relevant box in the form. It may be noted that while filing a belated return for FY16-17, you need to fill the applicable ITRs as notified for FY16-17 only (not for any previous or later financial year).