The deadline for filing belated or revised income tax returns (ITR) for the financial year 2018-19 (assessment year 2019-20) will end on September 30. The last date for filing tax returns for FY 2018-19 was extended three times in the wake of the COVID-19 pandemic.

As per Income Tax (I-T) law, it is compulsory for individuals earning a specified amount of income in a year to file ITR within a pre-determined due date. The deadline to submit ITR for FY18-19 was August 31, 2019. Assessees who could not submit a return of income within the August 31 deadline are still allowed to file a belated return. However, certain penalty charges are applicable in this case.

According to I-T law, if income tax return is not filed within the due date, penalty along with interest under section 234A of Income Tax Act is levied. The taxpayer is liable to pay simple interest at 1 percent per month or part of a month for delay in filing the return of income.

Rs 5,000 is required to be paid if return is furnished on or before the December 31 of the assessment year. The penalty increases to Rs 10,000 if the asseesee files the return next year between January 1 and March, according to I-T department. However, ITR filing for FY18-19 is an exception, where one can file belated returns till September 30 in view of the pandemic.

Taxpayers must note that late filing fee cannot exceed Rs 1,000 if the total income of an assessee does not exceed Rs 5 lakh.

Until September 30, assessees can also revise ITR for FY18-19 in case a mistake has been made in the original one.