10 Days Left To File Your Income Tax Return And Avoid Penalty
August, 21st 2019
As the last date for filing the income tax return (ITR) nears, taxpayers will rush to complete the process online over the next 10 days. The Income Tax Department, which has set August 31 as the due date for assessees to file their income tax returns for assessment year 2019-20 (financial year 2018-19) without any penalty charges. The Income Tax Department has time and again encouraged the income taxpayer not to wait until the last date to complete the process, in order to avoid last-minute rush.
Here's all you need to know about the last date to file the income tax return (ITR) and the applicable penalty charges for missing the deadline:
An income tax return can be filed online through the taxman's e-filing portal - incometaxindiaefiling.gov.in. The Income Tax Department's Central Processing Centre only processes the duly filed return after verification of the same by the assessee.
In other words, after submitting an income tax return, the taxpayer is also required to verify it for completing the filing process. It is only then that the tax liability or refund of taxpayer is determined.
(Also read: How To Prepare And Submit An Income Tax Return Online)
Is it possible to file income tax return after August 31? One can even file the income tax return after the due date (August 31). However, a delayed or belated income tax return attracts a penalty of up to Rs. 10,000, according to the Income Tax Department.
For an income tax return filed after August 31 but before December 31, a fee of Rs. 5,000 is applicable. In other cases, where the return is filed after December 31, a late fee of Rs. 10,000 is charged by the Income Tax Department.
A delayed filing of ITR leads to a delayed receipt of the tax refund. (Read more)
After submitting an income tax return, the assessee is required to verify it. An income tax return can be verified in five ways: through net banking, through a bank account, through a demat account, through an ATM, and through an Aadhaar OTP (one-time passcode)-based process. 28dcrbng
After filing an ITR online, a user can even find out the status of the submission through the Income Tax Department website.
(Also read: All You Need To Know About Income Tax Return Form 1 Sahaj)
Individuals having an annual income of Rs. 2.5 lakh or more are mandatorily required to file an income tax return. For senior citizens (individuals between 60 years and 80 years of age), the limit is Rs. 3 lakh, and for very senior citizens (aged above 80 years), the limit is Rs. 5 lakh, according to the taxman.