1. It's not same for all

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.

2. Deadlines for various categories

For All individuals/assessees whose accounts are not required to be audited (individuals, HUFs, Association of Persons, Body of Individuals etc.), the deadline is July 31. But for those whose accounts are required to be audited such as a company, an individual or other entities like proprietorship, a working partner of a firm, etc, the last date to file ITR is September 30.

Also, the deadline for an assessee who is required to furnish report under section 92E is November 30. Section 92E is submitted when a taxpayer has undertaken international transactions during the relevant financial year.

3. What happens if you miss this deadline?

For individuals, even if you miss the ITR filing deadline of July 31, 2019, you can still file your return. It is will be termed as belated ITR. The last date to file belated ITR for FY 2018-19 is March 31, 2020. If you miss this deadline as well, then you will not be able to file ITR unless you receive a notice from tax department to do so.

Though you have the option to file belated ITR till March 31, it is better you avoid it because late filing fees will be levied for ITR filed after July 31.

4. The penalty
If ITR is filed betweeen July 31 and on or before December 31, the late filing fee is Rs 5000. Penalty for any filings made after December 31st will amount to Rs 10,000. 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.

However, there's no penalty for an individual whose gross total income does not exceed the basic exemption limit. The basic Exemption limit for an individual below 60 years is Rs 2, 50,000 and Rs 3,00,000 for an individual between 60 and 80 years. For those above 80 years, the limits is Rs 5,00,000.

5. But there's a catch
If a resident individual has income from foreign assets and he files belated ITR, then late filing fee will be levied even if gross total income does not exceed the tax exemption limit.