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ITR filing deadline for FY18-19 nears; here are key things you need to know
September, 25th 2020

The deadline for filing both revised and belated income tax returns (ITR) for FY 2018-19 (assessment year 2019-20) will end on September 30. Amid the coronavirus pandemic, the original deadline of March 31, 2020 was first revised to June 30, then July 31 and later to September 30.

As per Income Tax (I-T) law, it is compulsory for individuals earning a specified amount of income in a year to file income tax returns (ITR) within a pre-determined due date.

Here's all you need to know about filing belated and revised ITR for FY18-19 by September 30:

  1. The September 30 deadline is for those citizens who have not filed the ITR for the financial year 2018-19 (or assessment year 2019-20). They can do it with a late fine of Rs 10,000.
  2. An assessee who does not submit a return of income within the deadline is allowed to file a belated return at a later time with certain penalty charges.
  3. A belated ITR attracts a late filing fee under Section 234F of the Income Tax Act. The amount of penalty payable by the assessees filing a late return may increase based on the degree of delay.
  4. Until September 30, assessees can revise ITR for FY18-19 in case a mistake has been made in the original one.
  5. Through an income tax return, the assessee will be able to communicate the particulars of the income earned and any taxes paid on it in FY18-19 to the Income Tax Department.
  6. The Income Tax Department has provided online facilities - through its e-filing portal incometaxindiaefiling.gov.in - for individuals to file ITR.

  1. After filing ITR, taxpayers are required to verify it. There are five ways for ITR verification: through an Aadhaar OTP (one-time passcode)-based process, through a bank ATM/bank account, through a demat account and through net banking.
  2. Under the current I-T laws, several forms are available for different types of assessees to file their income tax return for financial year 2018-19 namely ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6 and ITR 7.
  3. Now, in case an assessee doesn't file ITR at all, he/she will not be able to carry forward the losses of current assessment year. According to Gopal Bohra, Partner, NA Shah Associates, a penalty may be levied which is minimum 50 percent of assessed tax or maximum 200 percent of the assessed tax.
  4. Assessee may also have to face prosecution also (i.e. rigorous imprisonment for a term up to 7 years and fine), in extreme and high value cases.
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